Fed slashes 2 key rates, each by 0.5%

THE FUNDS RATE, pared today to 4.75%, has been trending downward in recent years. /
THE FUNDS RATE, pared today to 4.75%, has been trending downward in recent years. /
WASHINGTON – Federal Reserve policymakers today acted to pare the benchmark federal funds rate by half a percentage point, to 4.75 percent. It was the first such rate cut in four years by the Federal Open Market Committee, Bloomberg News said. “Today’s action is intended to help forestall some of the adverse effects on the…

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