Tuesday, January 06, 2009

Despite actions, Fed sees downturn lasting - Stocks & economy- msnbc.com

Documents released Tuesday provided insights into the Fed’s historic decision to ratchet down its rate to near zero from 1 percent at its Dec. 15-16 meeting. In the first action of its kind in the Fed’s 95-year history, Fed Chairman Ben Bernanke and his colleagues created a target range for its rate, putting it at zero to 0.25 percent.Despite the aggressive action, “the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial,” according to the Fed document
Despite actions, Fed sees downturn lasting - Stocks & economy- msnbc.com
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