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Fed Cuts Rate by Half-Point

March 20, 2001

WASHINGTON (AP) _ The Federal Reserve slashed a key interest rate by a half-point Tuesday, hoping to encourage Americans to spend and invest and revive a sluggish economy.

It marked the third time this year that the central bank cut interest rates, a move that lowers borrowing costs and aims to gin up demand, which eventually should boost economic growth. All three reductions were one-half point.

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