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Wednesday, December 12, 2007

Fed Lowers Rate by a Quarter Point to 4.25%

Wednesday, December 12, 2007

The Federal Reserve cut its benchmark interest rate by a quarter-point to 4.25 percent to prevent the housing slump and credit squeeze from undoing the six-year expansion.

The change ``should help promote moderate growth over time,'' the Federal Open Market Committee said in a statement after meeting today in Washington. ``Recent developments, including the deterioration in financial market conditions, have increased the uncertainty surrounding the outlook for economic growth and inflation.''

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 25
22:30 5-Year Note Auction 1 3.879% 4.071%
Thursday, Jun 26
14:00 BoE's Breeden speech 2
15:15 BoE's Greene speech 2
16:30 BoE's Governor Bailey speech 3
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Initial Jobless Claims 2 245K 245K
18:00 Initial Jobless Claims 4-week average 1 245.5K
18:00 Continuing Jobless Claims 1 1.950M 1.945M
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