By Jerome R. Corsi – wnd

Following last week’s emergency .75 percentage-point interest rate cut, the Federal Reserve’s Open Market Committee today slashed rates another .50 percent in a move designed to ease the mortgage crisis and stimulate the economy.

The Fed hopes the nearly unprecedented 1.25 percent cut in the funds rate in just eight days – lowering it to 3 percent – will ease pressure on upcoming hikes in adjustable rate mortgages.

Within a half hour of the announcement, the Dow Jones Industrial Average rallied to a more than 160-point gain, reflecting the market’s enthusiasm for the rate cut. But not all market observers were impressed, and by the end of the day, the Dow finished down 37 points.

While the cut provided an immediate boost to the stock market, it also drove gold higher and the dollar lower…

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