Posted AT 4:11 PM EST on 30/01/08
Fed moves to quell downturn
WASHINGTON — The Federal Reserve cut U.S. interest rates by a hefty half-percentage point Wednesday as part of an aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
The Fed's action takes the bellwether federal funds rate target to 3 per cent, the lowest since June, 2005, and comes just eight days after it slashed rates by a bold three-quarters of a point.
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