03/28/2008 02:45 am ET Updated May 25, 2011

Fed Slices Key Interest Rate After Global Market Slide

The Federal Reserve cut a key U.S. interest rate by three-quarters of a percentage point this morning, responding to a broad global sell-off of stocks and a growing sense of crisis in financial markets with a surprise policy move

The rate cut, decided by the Fed's Open Market Committe in an emergency videoconference on Monday night, is larger even than the interest rate reduction that the central bank made following the 2001 terrorist attacks in New York and Washington.

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