Fed Lowers Key Rate to 4.75 Percent

(Sept. 18) – In a bold strike, the Federal Reserve slashed a key interest rate by a half point on Tuesday — the first cut in over four years — and left the door open to further relief to prevent a painful housing slump and jarring credit crunch from driving the country into recession.

Federal Reserve chief Ben Bernanke cut a key interest rate for the first time in four years on Tuesday. The move relieved recession tension on Wall Street and sent the Dow up more than 300 points