Federal Reserve cuts rates, by less than expected

US - Alan Greenspan, the U.S. Federal Reserve Board chairman and Federal Reserve governors, ended a two-day meeting yesterday, 27 June, by reducing interest rates, but only by a quarter of a percentage point, instead of the half-point cut that some people had been hoping for.

The interest rate cut on 27 June is the sixth so far this year, bringing short-term rates down 2.75 percent since 3 January, as the Fed pursued its efforts to revive the weakened economy.

The central bank's policy-making g

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