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US cuts interest rate to near zero
- Wednesday, December 17 - 2008 at 09:43
The US Federal Reserve has slashed its target interest rate to nearly zero and is taking a number of other unprecedented moves in an effort to battle the financial crisis, reported AP. The Fed on Tuesday announced that it was reducing its target for the federal funds rate to between zero and 0.25%, down from 1 percent, a level that was already the lowest target rate in a half century. And the central bank pledged to use 'all available tools' to fight the current downturn. It said it was likely that rates would be kept at 'exceptionally low levels' for some time to come.
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Jeff Florian, Senior ReporterWednesday, December 17 - 2008 at 09:43 UAE local time (GMT+4)
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