posted
Feds cut rates both fed funds and discount rate .25 to 2.0%.
Vote 8-2 Richard Fisher, Charles Plosser dissented, preferred no change in rates...
Easing to date should promote moderate growth over time...
Will act as needed to promote growth, price stability...
Labor Markets have softened, financial markets under stress...
Economic activity remains weak...
Some indicaters of inflation expectations have risen...
Uncertainty about inflation outlook remains high...
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
Yahoo News: Federal Reserve cuts key interest rate by quarter-point
quote:WASHINGTON - The Federal Reserve has cut a key interest rate by a quarter-point, a smaller move than the aggressive easing it undertook earlier this year.
The Fed action, announced Wednesday after a two-day regular meeting, pushed the federal funds rate down to 2 percent, its lowest level since late 2004. It marked the seventh consecutive rate cut by the central bank since it began easing credit conditions last September to combat the growing threat of a recession brought on by a deep housing slump and credit crisis.
The rate cut will mean lower borrowing costs throughout the economy as banks reduce their prime lending rate, the benchmark for millions of consumer and business loans.
The Fed move was in line with expectations. Wall Street believes this could well wrap up the Fed's rate cuts unless the economy threatens to fall into a worse slump than currently expected.
-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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