~ Central Florida Real Estate News ~

"Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time," the Fed said in a statement. The central bank cautioned that "the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally."

While a rate cut had been widely expected, the aggressive half-point move surprised analysts and delighted investors, who had been uncertain in how Fed Chairman Ben Bernanke would respond to the first major economic crisis of his tenure. The stock market soared immediately after the announcement, with the Dow Jones industrial average jumping more than 200 points in the initial minutes.

READ MORE: http://www.msnbc.msn.com/id/20837026/