Fed cuts key rate by half a point

The central bank lowered the federal funds rate by 50 basis points to 3%. Financial markets were hoping that the Fed would decide to cut rates by this amount. The Fed has cut rates by 1.25 percentage points in eight days, the fastest pace in 20 years.
The Fed also announced that it was cutting its discount rate, the interest it charges on direct loans it makes to banks, by a half-point to 3.5%.
In a statement, the Fed said that downside risks to growth remain, and that it would act in a timely manner to address them.
www.843realtor.com