The FOMC Cuts Again

On the heels of last week's interest rate interest rate reduction of .75%, which was a very substantial cut and one taken in an unscheduled FOMC meeting, the Federal Open Market Committee (FOMC) lowered the target federal funds rate another .5% to 3%.  Dallas Federal President Richard Fisher was the lone dissenter.

I can't resist:  The first cut may have been the deepest, but this one is not inconsequential.

Link to FOMC Statement:  http://www.federalreserve.gov/newsevents/press/monetary/20080130a.htm

(ag) Jan. 30, 2008, in 2008.