Fed Takes Huge Step to Stop Bleeding – Announces Major Rate Cut

The Fed just announced that it would be cutting the federal funds rate by 1/2 point to 4.75 percent. This is the first reduction in four years and will affect everything from credit cards to adjustable rate mortgages.

Clearly this major cut is indicative of how bad the Fed thinks the economy is. It will certainly provide temporary help for many people, but I’m wondering if it is too little too late . . .