Interest rates slashed to help economy

Fed's dramatic action lowers target on key short-term rate for the first time in 4 years - to 4.75% - and signals more cuts could be coming.NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by half of a percentage point Tuesday to 4.75% in a bold acknowledgement that the central bank is concerned the mortgage meltdown plaguing Wall Street and Main Street could hurt the economy.

Read Complete Story