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http://www.interest.co.nzWelcome to interest.co.nz's morning briefing of what's news here and around the world. Everything you need to start the day in 90 seconds at 9'oclock.... Starting nowWith news just in that the US Federal Reserve has cut the key federal funds rate by three quarters of a percentage point to 2.25%. It said it had found further weakening in the economy and it needed to cut rates to avoid a deeper slowdown.This cut means US official interest rates are now a full 6% below New Zealand interest rates.Two Federal Reserve Governors dissented from the move, arguing a less aggressive move was needed because of inflation risks. The 75 basis point move was slightly less than some of the more worried investors on Wall St had hoped for. The New Zealand dollar dipped to 81.1 US cents to 80.6 US cents as the cut was marginally less than expected and therefore New Zealand's interest rate advantage was less than expected.Back here, there are growing calls for our Reserve Bank to cut interest rates. The chief executive of the NZX Mark Weldon has called again for a cut, as has the real estate institute of new Zealand. Some economists are now saying a cut in official interest rates may come sooner this year than later next year as previously expected.I think it would be a mistake for the Reserve Bank to cut rates now. We have an inflation problem. Our economy is not in as much trouble as America's. We should n't be adding fuel to the inflationary fire. The Federal Reserve has already added plenty. It pumped a bit more in this morning.That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz.