Federal Interest Rate Cut

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Washington (AP) _ The Federal Reserve is cutting a key interest
rate by three-quarters of a percentage point.

The Fed is cutting the federal funds rate, the interest that
banks charge each other on overnight loans, to 3.5 percent, down
from 4.25 percent.

The Fed action is the most dramatic signal it can send that it
is concerned about a potential recession in the United States. It
marks the biggest one-day move by the Central Bank in recent
memory.