The Federal Reserve lowered the federal funds rate this morning, which regulates overnight loans between banks. According to the NY Times:"'It’s a once-in-a-generation event,' said Mark Zandi, chief economist at Moody’s Economy.com. In recent years, the Fed has rarely acted between scheduled meetings of the committee, and almost always in increments of one-quarter or one-half point. It was the biggest short-term cut since October 1984."Read the rest of the article here.
