Jan 23
US: The Fed Slashes The Funds Rate 75 Basis Points
The Federal Reserve Board moved boldly this morning to calm global financial markets slashing the federal funds rate by 75 basis points to 3.50 percent. While the deterioration in global markets forced their hand today, the Fed is not done. We still expect an additional half point cut in the funds rate at the January 29/30 FOMC meeting.