Fed cuts rates by three-quarters today to stop blood bath
 

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 :Oh crap

Do you think we are in recession? I do :Oh crap

Desparte measures for desparate times.

Hey, i'm buying a house right now, I don't mind locking in a good rate and waiting out the storm.

what are you going to do when our economy does nothing but goes down, and china collects all the debts that america owes when they know that america cant pay back thus owning the united states and making porn illegal yadda yadda yadda lol

That is good news for you, although the fed rate is not proportionaly the same as a mortgage rate, but you should get some benefits. Good luck :)