Fed Cuts Interest Rates by 75 Bps

Tue Jan 22, 2008 8:21 AM EST
By Martin Crutsinger, AP Economics Writer (Clipped by ambani)

The Federal Reserve unexpectedly slashed a key interest rate by a bold three-fourths of a percentage point on Tuesday, responding to a global plunge in stock markets that heightened concerns about a recession. The Fed signaled that further rate cuts were likely.

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