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Fed cuts rates to 1%
This article was posted on Oct 30, 2008 and is filed under Market Outlook
ed drops key interest rate from 1.5% to 1% in a bid to boost economic growth and increase the availability of credit. In its bid to boost economic growth and increase the availability of credit, the Fed today cut its key interest rate from 1.5% to 1%.
This cut follows a 50-basis-point reduction earlier in the month.
Its statement points to tight credit amid market turmoil, as well as declines in consumer spending, business equipment spending, and industrial production.
The Fed also expressed a new concern about weakened economies abroad “damping the prospects for U.S. exports.”
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