Fed Drops Rate Again
February 27, 2008
The US Federal Reserve Board announced that it will once again lower the lending interest rate in the hopes of averting the economic downturn. The Reserve Board chairman, Ben Bernake, announced that the he will cut rates to help shore up the housing market and credit problems. While giving his economic forecast to the House yesterday, he also said that while he was aware of rising inflation, the largest concern remains with tightening credit.