USA: Credit crisis (pub. Oct. 2, 2007)
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The Federal Reserve (the US central bank) on Sept. 18 reduced its benchmark federal funds interest rate by a half percentage point (from 5.25 to 4.75 per cent), in a move designed to combat some of the adverse affects on the US economy of a credit crisis in the global financial markets and a sharp downturn in the value of US house prices.
