Federal Reserve cuts interest rates in bid to stop recession
17/09/2001 - 13:34:20The US Federal Reserve has cut interest rates from 3.5% to 3% in a bid to bolster US markets and the US economy as well as stave off recession.
The eighth rate cut this year was widely anticipated as the Fed tries to boost consumer spending following last week's terror attacks on the US.
Today's cut puts the cost of borrowing at its lowest point for more than seven years.
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