Surprise Fed Rate Cut Slows Stocks' Fall
The central bank's dramatic move, signaling increased recession fears, is its largest cut since 1984
By
Kirk Shinkle
Posted January 22, 2008
Traders work on the floor of the New York Stock Exchange January 22, 2008 in New York City. The Federal Reserve, in reaction to a severe downturn in worldwide stock markets and concern about a United States recession, reduced its interest rate by three-quarters of a percentage point before the opening NYSC bell. (Stephen Chernin/Getty Images)
