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^ Top   #1   03.18.2008

Cybergal Trucker Forum STAFF   Member Since: Jan 2006 Location: USA Trucker? Trucking Industry Posts: 20,268 My Trucking Photos: 27 Thanks: 1,294 Thanked: 982 Times My Truckers Blog : 13

Fed cuts rates by 3/4 percentage point Fed cuts rates by 3/4 percentage point 3/18/08 Quote: WASHINGTON - The Federal Reserve cut interest rates by three-quarters of a percentage point today. The stock market had anticipated a cut and the Dow Jones industrial average jumped over 300 points ahead of the announcement. But the Dow dropped about 100 from its high for the day after the Fed failed to cut rates by a full point, which many had expected. The Fed's target for the federal funds rate, the interest that banks charge each other on overnight loans, stood at 3 percent before the move, and was at 4.25 percent at the beginning of this year. Markets posted strong gains before the Fed announcement after Lehman Brothers and Goldman Sachs reported better-than-expected results for the first quarter. Federal Reserve Chairman Ben Bernanke and his colleagues have already been working overtime, employing a variety of novel approaches to keep the economy out of a recession or at least moderate the impact of any downturn. http://news.yahoo.com/s/ap/fed_credi...2Sw5YqSPms0NUE __________________ The Truckers Report Merchandise

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