Federal fund rate is trimmed by one-quarter percentage point to 4.25%, which is nearly two-year low. This is the 3rd rate reduction in this year to enegize national economic growth. The deepening housing slump is affecting the behavior of consumers and business.
On Wall Street, stocks tumbled, reflecting disappointment among some investors who were hoping for a larger rate cut. The Dow Jones industrial plunged more than 200 points to 13,432.77.
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