FED CUTS 1/2 POINT

Wow, after taking the back seat and letting this economy shift gears, good ol Ben is getting pretty aggressive. I did not expect to see the Fed lower another 1/2 point after giving up 3/4 of a point last week. The market got what the market wanted, the Fed doesn't usually do that. I am impressed. I hope that is not a sign of more difficulties ahead. This should really help in the mortgage market to free up liquidity and bring more products for buyers to purchase.

Read the Fed's Statement
http://www.cnbc.com/id/22917035

Fed Cuts Rates Half Point, to 3%, to Fight Recession
Topics:Interest Rates Inflation Ben Bernanke Employment Consumers Federal Reserve Federal Budget (U.S.) Economy (Global) Economy (U.S.)
By Reuters 30 Jan 2008 02:15 PM ET
The Federal Reserve cut a key U.S. interest rate by a half-percentage point Wednesday as part of an aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
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.
The cumulative 1.25 point reduction in the benchmark overnight rate in less than two weeks ranks among the most abrupt rate-cutting sprees in the modern history of the U.S. central bank.
http://www.cnbc.com/id/22916491