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Another half point this time
WASHINGTON - The Federal Reserve cut key interest rates another half-percentage point Wednesday on top of last week's aggressive move, continuing its efforts to keep the economy from toppling into recession.
In a statement announcing the rate cut, the central bank said "financial markets remain under considerable stress," and it cited signs the economy is worsening.
It was the fifth rate cut since September and brought the key overnight lending rate down to 3 percent, the lowest level since mid-2005. The move will translate to lower rates for credit cards, business loans and some mortgages, as well as savings accounts and certificates of deposit.
Fed stays aggressive, cuts rates a half-point - Stocks & economy - MSNBC.com