Fed Cuts Interest Rates by 75 Bps
Tuesday January 22, 6:27 pm ET
By Martin Crutsinger, AP Economics Writer
The reduction in the federal funds rate from 4.25 percent down to 3.5 percent marked the biggest reduction in this target rate for overnight loans on records going back to 1990. It marked the first time that the Fed has changed the funds rate between meetings since 2001, when the central bank was battling the combined impacts of a recession and the terrorist attacks.
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