Posted AT 9:27 PM EDT on 30/04/08
Fed signals an end to rate cutting
WASHINGTON — The U.S. Federal Reserve Board has signalled that its all-out assault on the credit crisis may be gearing down after slashing its key interest rate by another quarter percentage point.
Wednesday's rate cut, which coincides with evidence the U.S. economy narrowly averted a recession in the first quarter, lowers the benchmark federal funds rate to 2 per cent from 2.25 per cent – its lowest level since December, 2004.
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