Federal Reserve makes surprise interest rate cut

Stock market
Traders work on the floor of the New York Stock Exchange Tuesday in New York City. The Federal Reserve, in reaction to a severe downturn in worldwide stock markets and concern about a United States recession, reduced its interest rate by three-quarters of a percentage point before the opening NYSC bell.
Stephen Chernin/Getty Images

The Federal Reserve this morning cut a key interest rate by three-quarters of a percentage point. The move came on the heels of a sharp plunge in global markets on Monday. Minnesota Public Radio's chief economics correspondent Chris Farrell discusses the situation with Morning Edition host Cathy Wurzer.

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