Federal Reserve Cuts Fed Funds Rate by 3/4%

Ask and you shall receive! What ever. I was just blogging for a full 1% and found they dropped 3/4%. WOW! I was shocked. Shocked they dropped the interest rate, but even more shocked they dropped right at the same time I was blogging for the drop! You go Big BEN! Hopefully this will calm the markets.


Federal Reserve Cuts Key Interest Rate
By MARTIN CRUTSINGER,
AP
Posted: 2008-01-22 08:28:15
WASHINGTON (Jan. 22) - The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut a key interest rate by three-quarters of a percentage point on Tuesday. The Fed said it was cutting the federal funds rate, the interest that banks charge each other on overnight loans, to 3.5 percent, down by three-fourths of a percentage point from 4.25 percent. The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States. It marked the biggest one-day move by the central bank in recent memory.