Fed makes emergency rate cut

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In concert with five major central banks, the Federal Reserve today lowered its target for the federal funds rate by 50 basis points in an attempt to prevent further global economic turmoil.

The federal funds rate, which is the rate banks charge each other for overnight loans, was slashed from 2 percent to 1.5 percent. The Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank (Sweden) and the Swiss National Bank also announced reductions in policy interest rates today.