The Fed just housing panicked...
Fed cuts rates by a half point The Federal Reserve lowers the target on a key short-term interest rate for the first time in four years from 5.25% to 4.75%
The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point Tuesday to 4.75%, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.
The cut to the federal funds rate, the first since June 2003, was widely anticipated by investors and followed a surprise cut to the Fed's discount rate on August 17. The only question was whether the Fed would lower the federal funds rate by 25 basis points or 50 basis points.
September 18, 2007
Posted by blogger at 9/18/2007