As financial markets around the globe seized in turmoil Wednesday, the Federal Reserve along with five other central banks made emergency cuts to their target interest rates by a half point.

“Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months,” the Fed said in its Wednesday night statement. “Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit. Inflation has been high, but the Committee believes that the decline in energy and other commodity prices and the weaker prospects for economic activity have reduced the upside risks to inflation.”

In an unprecedented and concerted effort, the Fed joined with the European Central Bank, the Bank of England, the Swiss National Bank and the Swedish Bank in trimming back already low rates to stimulate more positive economic activity and provide greater liquidity to the parched markets.

The U.S. federal funds rate now stands at 1.5 percent, its lowest level in more than four years.

The worldwide slash of interest rates did little to bolster consumer confidence however, as the Dow took another roller coaster ride on Thursday, closing down 678.91 points at 8,579.19. The NASDAQ also fell, dropping to 1,645.

Yet Olivier Bernard of the International Monetary Fund explained the Banks’ decision was primarily designed to head off deeper crisis, not serve as a “wonder drug” for the global economy. “The crucial role of both financial and macro economic policies at this juncture: it is clearly too late for responses to avoid the slowdown but they can be used to head off the risk of even more dire outcomes.”