Fed Cuts Interest Rate by 50 bps

As reported by CNNMoney.com - "Fed cuts rates again":

The Federal Reserve cut a key short-term interest rate by a half-percentage point Wednesday and expressed continued worries about the damage being done to the economy by the ongoing crisis in the financial and credit markets.

The rate cut put the central bank's federal funds rate at 1%. That matched the lowest level for this overnight bank lending rate ever -- the last time it was at 1% was from June 2003 to June 2004.

Initially, the market is behaving. For some of you out there, your equity line, car loan, and credit card payments just got a touch cheaper yet again!