The Federal Reserve earlier this week cut a key interest rate for the second time in just over a week, reducing the fed funds rate by a half point.
The Fed action pushed the funds rate to 3 percent. In a brief statement explaining their decision, Fed Chairman Ben Bernanke and his colleagues said that “financial markets remain under considerable stress.”
The rate cut marked the fifth time that the Fed has cut the funds rate since September.
Source: Associated Press
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