FED Reduces Prime by .75%
In an unprecedented move the FED just announced a .75% reduction in the prime rate of lending. This was done in an effort to try to kick life into an already sluggish economy and to strive to keep the U.S. economy from sliding deeper into a recession. Recent economic news for the real estate industry and other sources sent the FED into an emergency session looking to help breathe some life into the marketplace. The Prime Rate of lending is the rate that banks charge their best customers as an interest rate. With the rate reduction in tow, interest payments will fall generating excess cash and hopefully enthusiasm in the marketplace for the already sluggish dollar. Stay tuned for more financial news.
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