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.
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The full episode
3 of 3Will the Outgoing Administration Be Called to Account by the New One?- 1:34Obama Announces More Cabinet Picks
- 7:22New Reports Raise Questions About Bush's Iraq Legacy
- 42:24Fed Lowers Interest Rate to Historic LowsYou’re reading this