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The Federal Reserve on Wednesday lowered its closely-watched target for short-term interest rates by a quarter point, bringing the federal funds rate target to 2%.
The move, made at the end of the regularly scheduled, two-day meeting of the rate-setting Federal Open Market Committee, was widely expected on Wall Street and reflects continued concerns about economic growth amid a slowdown in the U.S. housing market and a persistent credit crisis.
The Fed also cut the discount rate by a quarter point to 2.25%. ...
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