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.

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