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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Dec 11 2007, 4:53 pm EST<span class="gen"> </span> Post subject: Fed cuts rates; stocks plunge!</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><img src="http://i.usatoday.net/money/graphics/fed_fund/fed_funds_rate425.gif" border="0" /> <br /> <br />Fed cuts two key rates a quarter-point <br /> <br />WASHINGTON — The Federal Reserve cut two key interest rates by a quarter-percentage point Tuesday to the lowest level in nearly two years in a bid to prop up a shaky economy and prevent a serious credit crunch from stifling consumer and business lending. <br /> <br />In a 9-1 vote, Fed Chairman Ben Bernanke and his colleagues cut their target for the federal funds rate, their main economic tool that influences borrowing costs across the economy, to 4.25%. It was the third cut from the Fed in less than three months and brought the rate to the lowest level since January 2006. <br /> <br />Stocks dove on the news. Many investors were hoping for bigger cuts and a more aggressive statement, showing greater willingness to cut rates to alleviate credit problems worldwide. <br /> <br />Boston Fed President Eric Rosengren voted against the quarter-point cut. He wanted a larger, half-percentage point cut in the federal funds rate, what banks charge each other for overnight loans. <br />... <br /><a href="http://www.usatoday.com/money/economy/2007-12-11-fed-quarter_N.htm" target="_blank">http://www.usatoday.com/money/economy/2007-12-11-fed-quarter_N.htm</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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