The Federal Reserve slashed its base lending rate from 1.0 percent to virtually zero, saying its target federal funds rate would be a range of zero to 0.25 percent.
The unprecedented low rate announced by the Federal Open Market Committee is aimed at fighting off deflation and a crippling global credit crunch.
Additionally, the Fed said it would take other steps to stimulate lending and economic activity, including large purchases of mortgage securities to help unblock credit.
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