The US Federal Reserve has unveiled a dramatic three-quarter point cut in US interest rates just an hour before the US markets were due to open.
The Federal Open Market Committee decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth - FRB: Press Release, Jan 22, 2008.
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