US Federal Reserve Cuts Key Interest RateUS Federal Reserve on Monday cut a key interest rate by 0.5 percentage point, the eighth time the central bank has slashed the rate since January of this year, in an effort to stave off recession.The Fed reduced its federal funds rate from 3.5 percent to 3 percent. So far this year, the Fed has cut the rate by 3.5 percentage points. The Fed made the decision to ease pressure following the Tuesday terror attacks on the United States, which economists say could drag the U.S. economy into a recession. |
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