"The Fed Wanted to Nip the Panic in the Bud"
Just when you think you know what Fed Chairman Alan Greenspan is going to do next, he surprises everyone. On Jan. 3, the Federal Reserve cut interest rates, reducing the key fed funds rate -- the rate at which banks make overnight loans -- by one-half percentage point, to 6.0%. Stocks exploded on the positive news, triggering trading curbs.
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