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Fed Cuts Rate in the range of 0 to 25 basis points
- Filed under: Bank, Interest Rates, World Market
- Date: Dec 17,2008
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Fed which doesnt want to have the rate to be at 0 said today that it will cut the rate in the range of 0 to .25 percent which is the first time they have come to this range ever .This is like 10th time they are cutting the rate in 15 months.This federal funds rate is overnight lending rate which is used as a benchmark to set rates for a variety of loans, including adjustable rate mortgages, credit cards, home equity lines of credit and business loans. So after this move we can see lot of banks lowering the interest rate for the above said instruments.
