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Flash: Fed slashes rates 50 basis points in emergency move

Posted Oct 8th 2008 7:32AM by Amey StoneAmey Stone RSS Feed
Filed under: Federal Reserve, Financial Crisis


As global markets plummet, the Federal Reserve pulled another arrow out of its quiver and reduced rates by 50 basis points. The short-term Fed Funds rate is now down to 1.5%. This move comes weeks ahead of the Fed's regularly scheduled meeting.

This should at least give U.S. stocks a lift today.

Other central banks in Europe, Canada, Switzerland and England also ratcheted back rates today.

Tags: Federal Reserve, FederalReserve, Interest rates, InterestRates

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