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| Fed Cuts Interest Rates Three-Quarters of A Point WASHINGTON -- The Federal Reserve, continuing an aggressive series of actions to try and right the struggling economy, cut a key short-term interest rate three-quarters of a point Tuesday, The Associated Press reported. The central bank cut the federal funds rate, which is used as a benchmark for a wide variety of business and consumer loans, for the third time this year and the sixth time since the economy began to sputter last fall, the AP reported. The move comes after a tumultuous week in the financial markets that has seen the Fed, under Chairman Ben Bernanke to inject itself in unprecedented fashion, helping to engineer a takeover of venerable Wall Street investment bank Bear Stearns, which collapsed under the weight of bad mortgage-related securities, the AP reported. -- NYSSCPA.org News Staff Posted on 3/18/08 |
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