Fed cuts key rate, joins alliance to fight credit crunch The Federal Reserve cut the federal funds rate by one-quarter of a percentage point on Dec. 11, then announced on Dec. 12 that it will join the Bank of Canada, Bank of England, European Central Bank and Swiss National Bank to address “elevated pressures” in credit markets. The Fed reduced the federal funds rate to 4.25 percent, the third rate cut in the past three months. And Fed officials signaled that further cuts were possible if a severe housing downturn and mortgage lending . . .
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