Lesley's Blog

Daily Real Estate News  |  January 22, 2008Fed Issues Emergency Rate-Cut
The Federal Reserve, in an emergency meeting on Tuesday, slashed the key rate to 3.5 percent, citing a weakening economic outlook. The move marks the Fed's biggest rate cut — three quarters of a point — in more than 20 years.

As fears of a recession looms, the Fed said the rate-cut was to help restore confidence in the U.S. economy.

http://www.realtor.org/RMODaily.nsf/pages/News2008012201?OpenDocument