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Federal Reserve lowers fed funds interest rate 1/2 percent

Federal Reserve lowers fed funds interest rate 1/2 percent
A trader works in the Eurodollar options pit at the Chicago Mercantile Exchange in Chicago on January 30, 2008. The Federal Reserve Open Market Committee voted Wednesday to cut its benchmark short-term interest rate by 1/2 percentage point to 3 percent. The move come only 8 days after it slashed the benchmark federal funds rate by 3/4 point, and ranks the total 1.25 percent cut among the most abrupt changes in the modern history of the U.S. central bank. (UPI Photo/Brian Kersey)
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