Interest rates slashed to help economy
By
Paul R. La Monica, CNNMoney.com editor at large
September 18 2007: 5:03 PM EDT
NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by half of a percentage point Tuesday to 4.75% in a bold acknowledgement that the central bank is concerned the mortgage meltdown plaguing Wall Street and Main Street could hurt the economy.
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