FED Cuts Federal Funds Rate by 0.5 Percent
So sayeth CNN/Money:
The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point Tuesday to 4.75%, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.
It would seem – according to Yahoo/Finance that Wall Street is happy:
A jubilant Wall Street barreled higher Wednesday after the Federal Reserve cut its benchmark interest rate a larger-than-expected half a percentage point. The Dow Jones industrial average was up more than 200 points shortly after the Fed announced its move.
Let’s just hope that will translate into some good news for Main Street with a reversal of the recent decline in the employment to population ratio.