FED CUTS KEY INTEREST RATE IN AN EFFORT TO FURTHER BOOST ECONOMY

The Federal Reserve on Tuesday lowered the federal funds rate 75 basis points to 2.25 percent citing continued concerns about the country's softening labor market, stalled consumer spending, and turmoil on the financial markets over the mortgage credit crisis."Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity," the Fed said. "However, downside risks to growth remain. The Committee will act in a timely manner as needed to promote sustainable economic growth and price stability." according to C.A.R. [California Association of Realtors]