the Fed hits bottom
Source Jim Devine
Date 08/12/16/12:41

Breaking News Alert
The New York Times
Tuesday, December 16, 2008

Fed Sets Record Low Range for Benchmark Interest Rate

The Federal Reserve entered a new era on Tuesday, reducing
its benchmark interest rate so low that it will have to reach
for new and untested tools in fighting both the recession and
downward pressure on consumer prices. The central bank
lowered its target for the overnight federal funds rate to a
range of 0 to 0.25 percent, a record low, virtually bringing
the United States to the zero-rate policies that Japan used
for six years in its own fight against deflation.

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