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.
