Wednesday, December 12, 2007

Fed cuts rate a 1/4 point

The Federal Reserve cut benchmark U.S. interest rates by a modest quarter-percentage point on Tuesday. Many economists were expecting a 50 basis point cut. The central bank's decision takes the federal funds rate, which governs overnight lending between banks, down to 4.25 percent. Wall Street was disappointed with the modest cut, but is is still a move that should help mortgage rates.

1 comment:

Judy Greenberg said...

Thanks for keeping us up to date with your blog.