Wednesday, October 31, 2007

USA TODAY REPORTS ON THE FEDS LOWERING INTEREST RATES

Fed cuts key rate another quarter-point

By Sue Kirchhoff, USA TODAY
WASHINGTON — The Federal Reserve cut a key short-term interest rate by a quarter-point to 4.5% on Wednesday, seeking to support troubled financial markets and shore up the collapsing housing sector.
It was the second time in two months the central bank's policymaking Federal Open Market Committee reduced rates. The Fed on Sept. 18 slashed the federal funds rate, which is what banks charge each other for overnight loans, by a larger-than-expected half-a-percentage point to 4.75%.

Read the Article on USA TODAY

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