US Bank Cuts Key Rate to Record Low
517 views · Published 17 December 2008 · 2:20 · Indexed 20 September 2026
Channel: Voice of America · 2008 · News & Politics
In another attempt to lift the economy out of a deepening recession, the U.S Federal Reserve Bank cut its key interest rate Tuesday by a drastic 3/4 of one percent. Top officials of the U.S. Federal Reserve pushed the benchmark rate to a record low (a range of between zero and 0.25 percent), the tenth cut in short term rates in the past 12 months. And Wall Street greeted the Fed's action enthusiastically even in the face of two other disappointing economic reports and continued weakness in oil prices. VOA's Robert Raffaele has more.
