The Federal Reserve today cut its key federal funds rate by three-quarters of a percentage point to a new all-time low of zero – 0.25 percent. That is the lowest level ever recorded for the federal funds rate.
The federal funds rate is an overnight bank lending rate that affects rates on various types of loans such as variable-rate mortgages and credit card rates, among others. The rate may also impact rates on various investment and insurance products offered by life insurance companies.
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