By Alvin Foo

THE dramatic move by the United States' Federal Reserve to slash interest rates to the unheard-of level of nearly 0 per cent on Tuesday failed to excite most economists - or stock markets.

The lacklustre response points to a growing sense across the corporate spectrum that the Fed has run out of ammunition to combat the credit crunch.

With no room to cut rates further, the spotlight has now shifted to stimulus packages, particularly the ambitious one being drawn up by US President-elect Barack Obama.

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