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Fed
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Before Tuesday’s move, the Fed had cut interest rates three times, beginning in September, the month after a severe credit crunch had roiled Wall Street and global financial markets. The Fed cut the funds rate by a half-point in September and then by smaller quarter-point moves in October and December.
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The Fed has raised rates by a quarter-point at a time for each of the past 11 meetings, pushing the federal funds rate from a 46-year low of 1 percent to its current 3.75 percent. The Fed’s goal is to keep inflation in check while allowing the economy to continue expanding at its current rate of a little more than 3.5 percent a year over inflation.
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NEW YORK, May 9 /PRNewswire/ -- After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's Senior US economist, Arun Raha, commented, "This was expected. Growth has weakened, but inflation has not fallen enough, so the Federal Reserve Board will hold interest rates constant at 5.25% for some more time. Slowing economic activity is helping ease inflationary pressures, but the decline in inflation has not been sufficient for the Fed to cut rates. By mid-year, core CPI inflation is expected to fall close to 2.0%, allowing the Fed to ease in August."
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The Fed cutting the federal funds rate only benefits the banks. It only lowers the interest that banks charge each other on overnight loans. If they think it is going to help the the economy or the common household. They are mistaken. Banks will not lower their rates that they will be charging on loans to the middle class families. This is only a benefit for the banks that got themselves caught up in their predatory practice of sub prime loans.
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The Fed is ... paid fees for services it provides such as funds transfers (Fedwire), check processing, and automated clearinghouse (ACH) operations. (ACH options are electronic alternatives to the paper-based check system. Examples include automatic payroll deposits and electronic bill paying.)
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Serena Williams said the groin injury that forced her to retire from a match last week has healed and she'll be able to play for the U.S. Fed Cup team this weekend against Belgium. The U.S. team, which ... includes Venus Williams for the first time since 2005, will be heavily favored against a Belgian team missing its top two players.
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