US Fed slashes lending rate

Updated: 11:49, Wednesday, 17 December 2008

The US Federal Reserve has slashed its base lending rate from 1.0% to 0.25%.

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Nine News: George Lee, Economics Editor, reports that the Federal Reserve has slashed lending rates to the lowest on record
Nine News: George Lee, Economics Editor, reports that the Federal Reserve has slashed lending rates to the lowest on record

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The US Federal Reserve has slashed its base lending rate from 1.0% to virtually zero, saying its target federal funds rate would be a range of zero to 0.25%.

The unprecedented low rate announced by the Federal Open Market Committee is aimed at fighting off deflation and a crippling global credit crunch.

Additionally, the Fed said it would take other steps to stimulate lending and economic activity, including large purchases of mortgage securities to help unblock credit.

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