Fed cuts interest rates

October 31st, 2007 at 2:36 PM by Bill Zinsser, Las Vegas REALTOR

The Federal Reserve, confronted with surging oil prices and a slumping housing market, cut a key interest rate by a quarter-point on Wednesday, but signaled that may be all the rate relief the economy needs right now.

The central bank lowered the federal funds rate to 4.5 percent, as had been expected.

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