Good News!! US Fed Cuts Key Interest Rate in Effort to Fend Off Recession - Expect some fireworks in Indian markets tomo

posted by   sram (355)   12 months ago (biz.yahoo.com)

The Federal Reserve cut a key interest rate for the first timein four years, seeking with an aggressive half-point move toprevent a steep housing slump and turbulent financial marketsfrom triggering a recession.

The Fed announced Tuesday that it was reducing its target forthe federal funds rate, the interest that banks charge eachother, from 5.25 percent to 4.75 percent. The half-pointreduction was