By
Associated Press
.
Published: Wed, April 30, 2008 - 2:36 am
Last Updated: Wed, April 30, 2008 - 2:41 am
WASHINGTON (AP) - The Federal Reserve ends its two-day meetingtoday. Analysts expect it will announce an interest rate cut of
one-quarter of one percent.
And some think it might signal a willingness to move to the
sidelines and allow previous rate cuts to work their way through
the economy.
In response to the Fed's expected action, the prime lending rate
for millions of consumers and businesses would fall by a
corresponding amount, to 5 percent. The prime rate applies to
certain credit cards, home equity lines of credit and other loans.
Both rates would be the lowest since late 2004.
Fed Chairman Ben Bernanke has said that rising prices are a
source of concern and must be monitored closely. Even so, he and
other Fed officials are hoping that inflation will moderate in
coming quarters.
The Fed has been cutting rates since last September.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Federal Reserve Makes Rate Cut
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