April 30 2008 by Jim W Hildreth
The Federal Reserve lowered its key interest rate by one-quarter percent today, pushing the federal funds rate down to 2 percent, its lowest level since 2004, in an effort to ease economic pressure coming from higher food and energy costs, a weakened dollar, and the ongoing housing slowdown and credit liquidity crunch.
"Recent information indicates that economic activity remains weak," the Fed said in announcing the cut. "Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters."
RE/Max of Sonora
Jim W Hildreth Broker-Owner
www.Jim Hildreth.com
(209) 536-1103
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