WASHINGTON, Oct 8, 2008 (AFP) - US presidential hopefuls Republican John McCain and Democrat Barack Obama on Wednesday welcomed the Federal Reserve's lowering of key interest rates as part of a world effort to spur economic growth.

The US central bank said it had unanimously decided to lower its target for the federal funds rate by half a point 'in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures.'

Obama said that 'I've said before that this is a global crisis that requires a global solution. And so I support the action of the Federal Reserve and other central banks ... to cut interest rates and ease the mounting pressure on global credit markets.'

The Illinois Senator also called on Congress 'to immediately pass a rescue plan for our middle class that will save one million jobs and provide relief to struggling families, small businesses and Americans who are losing their homes,' he added in a statement.

Arizona senator McCain said 'I applaud the move by the Open Market Committee of the Federal Reserve ... to address the financial crisis spreading across the globe.

'It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth strategies that will create jobs and provide a foundation for a more prosperous future,' McCain stressed.