{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Fed cuts rate by 0.75pc, Bernanke arrival' data-url='/boclips/videos/5c54c553d8eafeecae16f607' data-video-url='/boclips/videos/5c54c553d8eafeecae16f607' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFed cuts rate by 0.75pc, Bernanke arrival\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Vehicle with Federal Reserve Chairman Ben Bernanke arrives 2. Various exteriors of Federal Reserve buildingThe US Federal Reserve slashed a key interest rate by three-quarters of a percentage point on Tuesday, moving aggressively to...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Vehicle with Federal Reserve Chairman Ben Bernanke arrives \u003cbr/\u003e2. Various exteriors of Federal Reserve building\u003cbr/\u003eThe US Federal Reserve slashed a key interest rate by three-quarters of a percentage point on Tuesday, moving aggressively to contain a credit crisis threatening to push the United States into a severe recession.\u003cbr/\u003eThe latest action brought the federal funds rate - the interest that banks charge each other - down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point.\u003cbr/\u003eFederal Reserve Chairman Ben Bernanke and his colleagues have now cut the funds rate six times since last September, with the reductions becoming more aggressive since January as the central bank has faced growing turmoil in global financial markets.\u003cbr/\u003eIn Florida, US President George W Bush said the government will take further action - if necessary - to help the sagging economy.\u003cbr/\u003eThe rate cut caps an unprecedented period of Fed actions aimed at trying to stabilise financial markets and ward off a recession or at least keep it from being too severe.\u003cbr/\u003eWhile the cut was larger than the Fed's normal quarter-point moves, markets dropped sharply in the moments after the announcement, with investors disappointed that the central bank did not cut rates by a full percentage point.\u003cbr/\u003eThe Dow Jones industrial average fell 100 points within two minutes of the Fed's mid-afternoon announcement. \u003cbr/\u003eIt had been up 286 points just before the announcement as stocks had posted a strong rally after Lehman Brothers and Goldman Sachs reported better-than-expected results for the first quarter. \u003cbr/\u003eThat came as welcome news following the collapse over the weekend of Bear Stearns, which was forced into a fire-sale to JP Morgan Chase \u0026amp; Co.\u003cbr/\u003eThe reduction in the funds rate was designed to lower borrowing costs and boost spending by consumers and businesses and thus increase economic activity. \u003cbr/\u003eEconomic growth slowed to a near standstill in the final three months of this year as the US economy was hit by a series of blows including the credit crunch, a prolonged housing slump, rising unemployment and surging energy prices.\u003cbr/\u003eThe funds rate cut quickly triggered announcements from commercial banks that they were cutting their prime lending rate to 5.25 percent from 6 percent, where it was before the Fed meeting. \u003cbr/\u003eThis rate is the benchmark for millions of business and consumer loans.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci 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