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Tuesday, December 11, 2007

Fed Trims Rates 1/4 Point, Disappointing Investors

December 11 2007
The Federal Reserve cut benchmark U.S. interest rates by a modest quarter-percentage point on Tuesday to help the U.S. economy withstand tightened credit and a prolonged housing slump, disappointing Wall Street, which had hoped for more-aggressive action. The central bank's decision takes the bellwether federal funds rate, which governs overnight lending between banks, down to 4.25percent. While the action was widely expected, some economists had thought the Fed might offer a bolder half-point reduction in the rate.

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