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Confronted by deteriorating economies, central bankers overseas slashed interest rates Thursday. The European Central Bank made its biggest rate cut ever — cutting rates by three quarters of a percentage point.

The Bank of England and Sweden's central bank also sliced rates.

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Sweden's central bank, the Riksbank, cuts its key interest rate by a record 1.75 percentage points to 2%.

Economic conditions deteriorated further across the nation, according to the Federal Reserve's latest snapshot, suggesting the U.S. central bank may continue to lower interest rates in the near future.

Thailand's central bank cuts interest rates by the biggest amount in eight years, as it aims to lift an economy hit by unrest.

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Russia's central bank increases its key interest rate to 13% from 12% and the rouble weakens by about 1% against the dollar and the euro.

China's central bank cuts the country's interest rates for the fourth time since mid-September in order to stimulate growth.

Japan's central bank keeps its key rate unchanged at 0.3% on Friday but warns of an uncertain outlook.

US Federal Reserve chief Ben Bernanke says that the world's central banks are ready to take further action to ease credit market

Russia's central bank increases its key interest rate to 12% from 11% in an attempt to reduce an outflow of capital.