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| US rate cut to zero - 0.25% range | |
| (10 minutes later) | |
| The US Federal Reserve has slashed its key interest rate from 1% to a range of between zero and 0.25% as it battles the country's recession. | The US Federal Reserve has slashed its key interest rate from 1% to a range of between zero and 0.25% as it battles the country's recession. |
| The central bank's key rate, the target rate for overnight federal funds, is at its lowest since records began in 1954. | The central bank's key rate, the target rate for overnight federal funds, is at its lowest since records began in 1954. |
| In its statement, the Federal Reserve warned that "the outlook for economic activity has weakened further". | In its statement, the Federal Reserve warned that "the outlook for economic activity has weakened further". |
| It predicted that rates would stay at the current exceptionally low levels "for some time". | |
| The rate has been cut drastically by the Federal Reserve from the 5.25% where it stood in September 2007. | The rate has been cut drastically by the Federal Reserve from the 5.25% where it stood in September 2007. |
| Earlier in the day, official data confirmed that the threat of inflation is receding, as consumer prices fell a record 1.7% in November. | Earlier in the day, official data confirmed that the threat of inflation is receding, as consumer prices fell a record 1.7% in November. |