Short-term rate back to 2004 level

In what's expected to be the last in a series of cuts in short-term interest rates for now, the Federal Reserve today cut its target for the federal funds overnight rate by 25 basis points, to 2 percent -- the lowest level since 2004.

Two members of the Federal Open Market committee voted against the move, saying that it was time to end a series of cuts and leave the rate banks charge each other to lend money overnight at 2.25 percent.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.