Fed slashes interest rate by half percentage point

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By The Associated Press

Story Created: Oct 8, 2008 at 7:54 AM EDT

Story Updated: Oct 8, 2008 at 7:54 AM EDT

WASHINGTON (AP) - The Federal Reserve has cut a key interest rate by half a percentage point, striving to steady the reeling financial markets just days after President Bush signed a $700 billion bailout into law.

The Fed announced its decision Wednesday morning and said that it acted in concert with central banks overseas, including the Bank of England. It was the latest in a long series of actions the Fed has taken in coordination with other federal agencies, Congress and the White House to try to shore up a financial industry that has been rocked by bad debt, losses and failures.

 

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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