Breaking News: Fed cuts key interest rate to record low

Date: Tue, 16 Dec 2008 13:32:19 -0600

WASHINGTON (AP) - The Federal Reserve has cut its target for a key
interest rate to the lowest level on record and pledged to use "all
available tools" to combat the current financial crisis. The central
bank says it reduced the federal funds rate, the interest that banks
charge each other, to a range of zero to 0.25%. That is down from the
1% target rate in effect since the last meeting in October.