The Federal Open Market Committee of the Federal Reserve Board has cut the discount and target federal funds rates by 50 basis points each, citing "the tightening of credit conditions" and its "potential to intensify the housing correction and to restrain economic growth more generally."Developments since the Fed committee's last meeting "have increased the uncertainty surrounding the economic outlook," it said, adding that it plans to "continue to assess the effects of these and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth." The Fed can be found on the Web at http://www.federalreserve.gov.
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