The Federal Reserve dropped the rate from Zero to .25. These continue to be extraordinary times.
The central bank cut its target for the federal funds rate, at which banks
lend to each other, from 1 percent to a target range of 0 percent to 0.25
percent, the lowest rate on record. Although the Fed has no more room to reduce
the interest rate -- it has been cut 10 times in 15 months -- the bank's leaders
said in a statement that they would use "all available tools" to bolster the
economy.
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But do yourself a real favor and go back and read Bill Meridian's piece on the chart of The Federal Reserve. And after you read it and figure out where transiting Pluto is in that chart, well, I'm sure you'll go out and buy gold or earplugs because the sound of printing that kind of money will be defeaning.
