Central bankers, citing worries about economic growth, take key rate to lowest level since 1958.
June 25, 2003: 2:18 PM EDT
NEW YORK (CNN/Money) - The Federal Reserve cut its key short-term interest rate Wednesday by a quarter percentage point to the lowest level in 45 years, expressing worry that the economy still wasn't strong enough to fight off deflation.
Central bank policy makers, at the end of a two-day meeting, cut their target for the federal funds rate, an overnight bank lending rate, to 1 percent, a rate not seen consistently since 1958, and warned the risks to the economy were shifted toward weak inflation.
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