Fed cuts short-term rates to the bone

Next up: More purchases of mortgage debt

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The Federal Reserve slashed short-term interest rates today to nearly zero, bringing to an end a 15-month campaign of rate reductions intended to encourage borrowing and stimulate economic growth.

With further cuts no longer possible, members of the Fed’s open market committee promised to continue to "employ all available tools" to support financial markets and stimulate the economy, including purchases of mortgage-backed securities and other debt.