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Fed lowers key lending rate 3/4 % - Most aggressive drop in over 20 years. |
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According to MarketWatch: "The Federal Reserve's emergency interest-rate reduction of three-quarters of a percentage point brought the central bank's key lending rate down to 3.5% from 4.25%. It was the most aggressive one-time cut in more than two decades and its bombshell nature underscored the Fed's worries that credit conditions for consumers and businesses are at a breaking point.... While mortgage rates are not specifically tied to the rates the Fed controls, they have dropped significantly in the last three weeks and may be in line for more." Read the entire article at: http://www.marketwatch.com/news/story/fed-cuts-give-strapped-homeowners/story.aspx?guid=%7BB9BD0A29-240F-49F6-BA48-E42DAF1275C2%7D
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