Federal Reserve cut interest rates by 0.75%

March 18, 2008 at 10:12 pm | Posted in economy, economy USA, USA | Leave a comment
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NEW YORK (CNNMoney.com) — The U.S. dollar moved higher against several major currencies Tuesday after the Federal Reserve cut interest rates by three quarters of a percentage point – a less aggressive move than some investors were hoping for.

The 15-nation euro traded at $1.5715, down from $1.5731 late Monday. But prior to the Fed’s decision to cut interest rates, the euro was trading $1.5792.

The dollar also moved higher against the British pound but eased further against the yen.

The greenback has moved sharply lower in recent weeks against a number of foreign currencies on expectations that the Fed will keep cutting interest rates to keep the U.S. economy from entering a recession.


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