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Emergency Meeting Called by the Fed: Interest Rate Cut
On January 22, the Fed cut the benchmark interest rate by 3/4 of a point (now at 3.5%). This meeting came a week or so early from the next board meeting on January 29th. This was partially due to the panic that swept the globe on Monday when all foreign stock markets took a plunge.
What is most concerning is that this is the largest cut ever. Typically we have not seen cuts more than .5% (especially in a spontaneous meeting like this one). I guess desparate times calls for desparate measures.