Fed Cuts Key Interest Rate To 1%
The Federal Reserve cut a key interest rate by half a percentage point to revive an economy hit by the most severe financial crisis in decades.The Central Bank reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1%, the lowest since 2004.
Federal Reserve Chairman Ben Bernanke and his colleagues said they would “monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.”
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