Wednesday, March 19, 2008

FED Cuts Interest Rate

The US Federal Reserve last night ordered its second, aggressive three-quarter-point cut in American interest rates this year as a move to face recession and shore up America’s fragile financial system.

The US central bank, led by its Chairman, Ben Bernanke, cut the key rate to just 2.25 per cent, the lowest since February 2005.

This is FED's latest action to limit the growing toll from America’s housing slump and the global credit squeeze.

However, how effective this new measure going to be is a matter for debate.

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