Federal Reserve taking rarely-used steps to steady shaky financial sector
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bernanke, dfeds March 17th, 2008WASHINGTON - The Federal Reserve is primed to aggressively cut a key interest rate even lower on Tuesday, racing to contain spreading financial fires that threaten a U.S. economic meltdown.
U.S. President George W. Bush declared “we’re in challenging times” and huddled Monday with top economic officials - including Fed Chairman Ben Bernanke, Treasury Secretary Henry Paulson and Securities and Exchange Commission Chairman Christopher Cox.
On Wall Street investors were still skittish. The Dow Jones industrials, in an erratic session, closed up 21.16 points, after having plunged nearly 200 points early in the day. Other stock indexes fell.
