"The Fed said in a statement that, because of weakening economic activity, it had cut the Federal funds target rate by half a percentage point, to 1.5 percent. It also cut its discount rate by the same amount. The vote was unanimous. The European Central Bank cuts its benchmark rate to 3.75 percent, from 4.25 percent." Also, the phrase "stanch the bloodletting" or some version quite popular with the media these days. [NY Times]For more stories from Curbed LA, go to la.curbed.com.
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