WASHINGTON– Responding to the continuing woes of the world's financial markets and the decline in prices, the Federal Reserve today cut a key interest rate to an all-time low.

The Fed's Open Market Committee unanimously approved reducing the rate that banks use when lending to each other to between 0 and 1/4 %.

It's the third rate cut approved by panel since October and in a statement the committee said it plans to keep rates "exceptionally low" for some time.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.