Fed cuts rates by three-quarters today to stop blood bath
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The Fed this morning cut the federal funds rate, the rate at which private banks lend to other banks, by three-quarters of a percentage point to 3.5% in an emergency move. The Fed also cut the discount rate by three-quarters of a percentage point to 4%.
Biggest cut since August 1982
Today's cut was the Fed's first intermeeting cut since Sept. 17, 2001, and the Fed's biggest single rate cut since August 1982.
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Things are looking Bad, and I don't think this rate cut will help much at this time
Do you think we are in recession? I do