To the Point
Fed Lowers Interest Rate to Historic Lows
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.
By Warren Olney • • 1 min readWhen 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.
