Fed Lowers Key Rate to 3.5%
The Federal Reserve slashed its key federal funds rate three-quarters of a point to 3.5% Tuesday in an effort to stave off recession fears.
“The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth,” the Fed said in a prepared statement. “While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction, as well as some softening in labor markets.”
One Response to “Fed Lowers Key Rate to 3.5%”
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Eric Hundin Says:
February 4th, 2008 at 3:32 pmVisit Eric Hundin
I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Eric Hundin