Fed Feared Rate Cuts Wouldn't Be Enough For Economy | NBC4 Washington

Fed Feared Rate Cuts Wouldn't Be Enough For Economy

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    NEWSLETTERS

    A cruise ship battered by rough seas and powerful winds in the Atlantic Ocean cut short its voyage and docked at its New Jersey port Wednesday night, as thousands of weary passengers streamed out of the ship what one woman called "a cruise from hell." Checky Beckford reports. (Published Thursday, Feb. 11, 2016)

    Federal Reserve officials feared the economy would be stuck in a painful rut for some time despite their decision to slash interest rates to a record low and pledge to use other unconventional tools to fight the worst financial crisis since the 1930s.

    Documents released Tuesday provide insights into the Fed's historic decision to ratchet down its rate from 1 percent to near zero at its Dec. 15-16 meeting.

    In the first action of its kind in the Fed's 95-year history, Fed Chairman Ben Bernanke and his colleagues created a target range for its rate, putting it at zero to 0.25 percent.

    For more stories from CNBC, go to cnbc.com.