Obama, McCain support Fed's rate cut

WASHINGTON, Oct. 8 (UPI) -- The two major party presidential candidates said Wednesday they support U.S. Federal Reserve Chairman Ben Bernanke's decision to lower a key lending rate.

"It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future," Republican nominee Sen. John McCain of Arizona said in a statement.

The Fed's Open Market Committee lowered its target rate by 50 basis points to 1.5 percent, while the Bank of England, the European Central Bank, Sweden's Sveriges Riksbank and the Swiss National Bank also lowered their rates, the U.S. Central Bank said.

The Bank of Japan "expresses its strong support of these policy actions," the Fed statement said.

"I've said before that this is a global crisis that requires a global solution, and so I support the action of the Federal Reserve and other central banks around the world to cut interests rates," Democratic candidate Sen. Barack Obama of Illinois said in a statement, adding that "more urgent and vigorous action is necessary to stem this crisis."