A divided Federal Reserve cut interest rates by three-quarters of a percentage point, delivering less than the markets hoped for despite the magnitude of the move.
The Fed's policy-making Federal Open Market Committee voted 8-2 to cut its short-term interest rate target to 2.25% from 3%, bringing cumulative declines in less than two months to two percentage points, the most rapid pace of easing in years.
The Fed's policy-making Federal Open Market Committee voted 8-2 to cut its short-term interest rate target to 2.25% from 3%, bringing cumulative declines in less than two months to two percentage points, the most rapid pace of easing in years.
By GREG IP, BRIAN BLACKSTONE and HENRY J. PULIZZIMarch 18, 2008 4:24 p.m.
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