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US cuts key interest rate

Published June 26, 2003
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WASHINGTON, June 25: Federal Reserve policy makers sliced the key US interest rate by a quarter point to a 45-year low of 1.0 per cent on Wednesday in a pre-emptive strike against the chokehold of deflation.

Federal Reserve chairman Alan Greenspan and his colleagues cut the federal funds target rate, which commercial banks charge each other for overnight loans, to the lowest level since 1958.—AFP

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