INSTANT VIEW - U.S. Fed leads global coordinated rate cut

NEW YORK (Reuters) - The U.S. Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks.

In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and also lowered its discount rate by the same amount to 1.75 percent.

The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.

KEY POINTS: * US Federal Reserve says cutting Fed funds rate 1/2 percentage point to 1.5 percent * Fed says acting in coordination with ECB and Central Banks in Canada, UK, Sweden, Switzerland * Fed says acting because of growing evidence of weaker economic activity, reduced inflation pressure * Fed says intensifying financial market turmoil likely to further restrain spending * Fed says also cutting discount rate by 1/2 point to 1.75 percent

COMMENTS:

CHARLES DIEBEL, HEAD OF INTEREST RATES STRATEGY AT NOMURA,

LONDON:

"The central banks of the world have finally woke up to the gravity of the current situation with coordinated rate cuts across the globe. The Fed, ECB, MPC, SNB, Riksbank, BoC. Even China joined the party with a 27bp rate cut.

"The market reactions have been predictable with the long end of every major curve coming off. This is a major step to convincing the world that they are serious about stabilizing