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Federal Open Market Committee, lowered its target for the federal funds rate, which regulates overnight loans between banks, to 3.5 percent, from 4.25 percent
This extraordinary move hasnt happened since 1984...almost a generation has passed. This should help the markets which are beginning to panic and seriously sell off, further adding to negate psychology. These things can be self fulfilling and so the Fed stepped in with a huge rate reduction and before the meeting, no doubt tied to the MLK holiday sell off in Europe and