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FED slashes rate again

WASHINGTON. The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a lon...

Por Redacción Digital La Estrella

Actualizado 30/10/2008 01:00

Creado 30/10/2008 01:00

WASHINGTON. The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies. The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.