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Posted AT 8:39 PM EST on 16/03/08

Fed takes new steps to ease financial crisis

JEANNINE AVERSA

Associated Press

WASHINGTON — The Federal Reserve, in an extraordinarily rare weekend move, took bold action Sunday evening to provide cash to financially squeezed Wall Street investment houses, a fresh effort to prevent a spreading credit crisis from sinking the U.S. economy. The central bank approved a cut in its emergency lending rate to financial institutions to 3.25 per cent from 3.

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