FOMC Cuts Fed-Funds Rate by 1/2 Point

NEWS ALERT
from The Wall Street Journal

Jan. 30, 2008
The Federal Reserve lowered its key federal-funds rate by one-half percentage point, to 3%, capping an unprecedented eight-day period in which officials slashed rates massively to ward off recession risks. Officials signaled they're willing to ease still further in coming weeks - a reflection of the risk management approach to policy that officials have now embraced. But they also suggested that the recent cuts may be enough to keep the economy on track. The vote was 9-1; Dallas Fed President Richard Fisher dissented, preferring no rate change.