12/17/2008

After a two-day meeting, the Federal Open Market Committee announced its plan for battling the recession and credit crunch in the U.S. The Federal Reserve cut its federal-funds target rate to the lowest on record -- between zero and 0.25% -- and indicated that it will likely be there for a while. The committee also pledged to try unconventional measures, including purchasing mortgage-related securities and Treasuries to drive down borrowing costs.

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