The Federal Reserve (Fed) lowered the Fed Funds Rate today by 3/4 point to 3.5 percent, in the biggest cut in 18 years. It was a surprising move in that the group is scheduled to meet next week, when they were widely anticipated to lower rates. However, over worldwide fears that the United States is heading into or possibly already in a recession, the Fed got a jump on things and took this key interest rate down this morning in an effort to stimulate the economy.
Click here to find out what this move means for you: So the Fed Cut Rates… What Does This Mean?