ShareThisWednesday’s Rate Cut Was Needed!
The Federal Reserve on Wednesday January 30, 2008, cut a key interest rate for the second time in just over a week. In a brief statement explaining their decision, Federal Reserve Chairman Ben Bernanke and his colleagues said that “financial markets remain under considerable stress.” The rate cut marked the fifth time that the Fed has cut the funds rate since it started with a half-point cut on September 18, 2007.
The latest Fed action was expected to be quickly followed by cuts in banks prime lending rate, the benchmark rate for millions of consumers and business loans. If the economy does not get its needed boost by this rate cut I believe we will see another one in the near future
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