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The Meltdown

Fed Slashes Interest Rates

Benchmark rate now at 1 percent.

Well, maybe it will work this time. The Federal Reserve cut its benchmark interest rate by half a point today, lowering it to one percent. The movie is intended to restore the flow of credit, although many fear there is little can be done at this point to avoid a recession. This is the lowest the rates have been since 2003 and 2004, and the rate is now within striking range of zero, which Japan lowered its rates to in the 1990s when it struggled to jumpstart its economy. So far today, the Dow Jones has held steady near the 9,000 mark.

Read it at The New York Times

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