The Federal Reserve lowered a key short-term interest rate today to prevent the slowing of the U.S. economy due to housing and credit problems. The Federal Open Market Committee lowered its target for the federal funds rate by half of a percentage point Tuesday to 4.75%. This is the first time in four years this rate has been cut. Read the press release from the Federal Reserve.
Check out Interest Rates Slashed to Help Economy from CNNMoney.com, Fed Cuts Key Interest Rate from the Washington Post, and Dow Closes Up More Than 330 Points; Fed Cut Fuels Rally from FOX News.
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