Fed Lowers Interest Rate to Historic Lows

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When Barack Obama held his news conference today, the Federal Reserve was expected to lower the benchmark interest rate to 0.5%, the seventh rate change this year. Instead, it dropped the rate to between zero and 0.25%, the lowest level in more than 50 years.  Even Ben Bernanke acknowledges it won't do much good. Daniel Gross is senior editor at Newsweek.




Warren Olney