In an unprecedented move, the Federal Reserve has established a target range for the federal funds rate of 0% to 0.25%, a record low.
With the cut, the Federal Reserve has cut rates by between 0.75% and 1% since its last meeting in November.
“Financial markets remain quite strained and credit conditions tight,” the Federal Reserve’s Open Market Committee says in a statement. “Overall, the outlook for economic activity has weakened further.”
The full story is available at the Investment News web-site.
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