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.75 Drop in Interest Rate spells a Great Opportunity for the Mortgage Industry!
(2007-01-25) |
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| Fed slashes interest rate .75-percent
story by The Associated Press.
WASHINGTON, D.C.: The Federal Reserve has cut a key interest rate amid a global stock sell-off.
The Fed is cutting the federal funds rate to 3.5-percent, from 4.25-percent. The rate is what banks charge each other on overnight loans.
The action is the most dramatic signal the Fed can send that it`s concerned about a potential recession in the United States. It`s the biggest one-day move by the central bank in recent memory.
The Fed says it decided to cut the rate "in view of a weakening of the economic outlook and increasing downside risks to growth."
The decision was made during an emergency telephone conference with Fed officials last night, after global financial markets plunged on concerns about a U.S. recession.
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