The Federal Reserve’s Federal Open Market Committee lowered the United States’ official cash rate overnight by 25 basis points to two per cent.
The Committee attributed weak economic activity and ongoing impact of the sub-prime crisis to the decision.
“Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters,” the Committee said.
“The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate risks to economic activity” it said.
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