The Federal Reserve cut a key interest rate by a half-percentage point on Wednesday as part of an aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch reports Reuters.
The Fed’s action takes the bellwether federal funds rate target to 3 percent, the lowest since June 2005, and comes just eight days after it slashed rates by a bold three-quarters of a point. Wednesday’s follow-up reduction was in line with the expectations of many financial market participants.
Read it here: Fed cuts key Interest Rate by half point