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Central bank policy-makers cut rates by half of a percentage point to 4.75%.NEW YORK (CNNMoney.com) -- The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4.75 percent.
Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. 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.

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