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Commodities surge after Fed cuts interest rates

Posted on 30 October 2008

From AP: Commodities prices surged Wednesday after the Federal Reserve slashed a key interest rate, undermining the dollar and boosting demand for hard assets as a hedge against inflation.

The Fed lowered its benchmark federal funds rate from 1.5 percent to 1 percent in an effort revive the ailing U.S. economy and loosen restrained credit markets. Lower interest rates can spur economic growth but tend to depress the dollar as investors go elsewhere for better returns. The 15-nation euro rose to $1.2852 in late Wednesday trading in New York from $1.2597 late Tuesday….. Full Article: Source


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