All the news that gives us fits to print

Emergency Rate Cut

Filed under: Business,Economy News,World — Tags: , , — Paddy Wallbouncer @ 9:18 am 2008 January 22

The Federal Reserve cut U.S. interest rates by three quarters of a percent. That is the federal funds rate or the interest rate that banks charge each other on overnight loans. The new rate is 3.5% down from 4.25%. This is the first emergency rate cut by the Fed since September 11, 2001.

International markets over the last two days experienced huge sell offs driven by fear of (more…)