Fed Delivers Expected Rate Cut to 3%, Gold Soars
The Federal Reserve sliced interest rates by a half-percentage point Wednesday, another significant cut that follows on the heels of the emergency three-quarter percentage point reduction just eight days ago on Jan. 22.
The federal fund rate, an overnight bank lending rate that affects how much interest consumers pay on credit cards, home equity lines of credit and auto loans, was cut to 3.0% from 3.5%.
