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April 30, 2008

Fed cuts rates again

It's perhaps no longer news when the Federal Reserve cuts rates, but hey -- just to get it on the record: The Fed knocked down its benchmark "federal funds" rate a quarter-point to 2 percent. As the Associated Press notes, that's the lowest it's been since late 2004:
It marked the seventh consecutive rate cut by the central bank since it began easing credit conditions last September to combat the growing threat of a recession brought on by a deep housing slump and credit crisis.

You can read the Fed's statement HERE. A taste:

Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters.
Posted by Jamie Smith Hopkins at 3:37 PM | | Comments (0)
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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