FED LOWERS KEY INTEREST RATE BY A QUARTER POINT

The Federal Reserve on Tuesday lowered its key short-term interest rate by a quarter point, the third rate cut since summer, citing “intensification” of the housing market, the credit crisis, and consumer skepticism.

According to the Fed’s official release announcing the cut, “Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending.”  More Info

Source: C.A.R.

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