Fed cuts rates to lowest since 1958

October 30, 2008

interest-ratesIn an effort to simulate the economy the Fed has slashed interest rates by 1/2 a point to the lowest rate since 1958.  According to the Fed, “intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and business to obtain credit.” Many economists already believe we’re in a recession, but they applaud the Fed’s efforts to mitigate the extent and depth of the recession.

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