Keeping the interest rate at 2 percent
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September 2008
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Providing the latest news . . . The Federal Reserve voted unanimously to keep the interest rate at 2 percent despite rumors that it would reduce rates because of yesterday's somber economic news (Lehman Brothers' bankruptcy, Bank of America's buyout of Merrill Lynch & Co. and problems emerging at one the largest insurance companies in the country - American International Group). The last time the Federal Reserve reduced rates was in March when it decided to lower the rate (75 basis points) to 2-1/4 percent. |
