US Federal Reserve cuts over night interest rates by 75 basis points

THE US Federal Reserve has cut interest rates by 75 basis points to bring down the overnight rates to 2.25 in the FOMC meeting held on Tuesday. Prior to that on Friday there was a cut in the rate of interest by 25 basis points in the wake of the rescue effort through concerted action in the case of Bear Stearns that set off a big sell off in US markets, The US Central Bank has observed that the “outlook for economic growth has weakened further” and “downside risks remain”, which means that furth

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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