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Fed Slashes Rate by .75%

In an urgent move to reduce the chance that the U.S. economy will slide fully into a recession, the Federal Reserve cut its key interest rate by a full three-quarters of a percent, the largest rate cut the Fed has offered in decades.

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The move comes as stock markets around the globe experienced heavy sell-offs, with key indexes in Europe and Asia plunging by 10% or more.

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Treasury Secretary Henry Paulson said this morning, prior to the Fed cut, that Congress and the White House need to move quickly on proposed relief tax cuts to avert further damage to the teetering economy. Last week, the White House proposed a package of some $145 billion in tax rebates as a move to stimulate the economy. (Tire Review/Akron)

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