Feds Cut Interest Rates Again
Filed Under (Financial, Small Business Legislation and Notifications) by admin on 29-10-2008
Tagged Under : economy, finance, interest rates
WASHINGTON - The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades.
The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.
