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Interest rates in the US was slashed to record low
US Federal Reserve(FED) cut official interest rate to its lowest level in history this week. And for the first time official interest rates is not a specific target, but range of 0 percent to 0.25 percent.
It is the latest effort by FED to stimulate the US economy, but most economists believe it's a symbolic move and will not have much effect on the US economy. They said availability of credit and weaker economic fundamentals but not the cost of borrowing is the biggest problem for consumers and businesses right now.
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