Fed Cuts Rates to 4.5%

The Federal Reserve has lowered interest rates by a quarter of a point. This is the lowest level since January 2006. This drop was to keep the United States on track economically.

http://money.cnn.com/2007/10/31/news/economy/fed_rates/index.htm?cnn=yes

This move was widely expected due to weakness in the housing market along with problems with mortgages.