Fed Slashes Rate to 1.0 Percent

By a unanimous vote, the Federal Open Market Committee, a branch of the Federal Reserve, decided to cut its target rate by 50 basis points Wednesday to 1.0 percent.

The last time the federal funds rate, the interest rate which banks charge each other for overnight transfers, was at 1.0 percent was in 2003 and before that it had not fallen that that low since 1958.

The group cited slowing economies both at home and abroad as part of the reason for the cut. “Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit,” the FOMC statement said.

The mortgage sector meltdown has been a major contributor to lower Fed rates for the past two years, although trouble on Wall Street has been the biggest concern in recent months.

With inflation no longer an issue for the Fed (its statement said it is likely to moderate soon), the new lower rate is intended to make it more attractive for banks to lend money and investors to start borrowing again. The effects may even trickle down into the home
loan market.

However, the Fed made it clear that more rate cuts could be coming if the economy doesn’t start picking up soon.

“Recent policy actions, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help over time to improve credit conditions and promote a return to moderate economic growth,” the FOMC said its statement. “Nevertheless, downside risks to growth remain. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.”

The Fed will meet again on Dec. 16 to determine the direction of its rate.
 

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