Fed slashes rates by 75 basis points

The Federal Open Market Committee (FOMC) on Tuesday lowered rates by 75 basis points to 3.5%, the biggest cut since autumn 1984.

The committee voted for the biggest cut in almost a quarter of a century after an emergency meeting on Monday evening "in view of a weakening of the economic outlook and increasing downside risks to growth." It was also the largest single cut since August 1982, the autumn 1984 decision taking the form of a gradual lowering over the course of a little over a month.

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