trims
Fed rate cut disappoints Wall Street
Posted December 12th, 2007 by AdminThe central bank trims rates by a quarter of a point, but many analysts had hoped for a half-point reduction. Dow Jones sinks 294 points. The Federal Reserve trimmed its key lending rate for the third time in a row Tuesday. But the quarter-point cut was smaller than many expected, indicating uncertainty at the central bank over how serious a threat the turmoil in the nation's financial markets poses to the economy.