National News

Fed lowers rate, considers paying interest on reservesThe Federal Open Market Committee lowered the federal funds rate by 25 basis points to 2 percent, the lowest since November 2004. The rate has been on the decline since June 2006, when it was 5.25 percent. At its April 29-30 meeting, the Federal Reserve Board also discussed the possibility of paying interest on reserves banks are required to keep on account at the Fed. In 2006, the law was changed to authorize the Fed to pay interest, although it has not done so. The banking industry . . .

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