US Fed cuts key rate to record level
17-12-2008
The US Federal Reserve has cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat the severe financial crisis and prolonged recession. The Fed said it had reduced the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October.
