Reaction to the US Federal Reserve’s 0.75 percentage point cut in interest rates ranged from the hostile to lukewarm as policymakers, businessmen and economists chewed over the move at the World Economic Forum.

In one Davos session almost 60 per cent of the ­delegates voted in favour of a motion saying central banks had lost both their focus and control with respect to ­economic governance. In another, business leaders listed economic mismanagement as one of the biggest threats to the world economy.