The Federal Reserve Board cut the federal funds rate by 3/4 of a point to 3.5% in a dramatic move amidst worldwide worries about the U.S. economy. The move was the first intermeeting cut since immediately after the 9/11 disaster, and the single biggest rate cut in over 25 years. The Feds are scheduled to meet next week, where further cuts may be announced. Prior to the announcement, stocks had plummeted in the U.S., Asia, and Europe, with the Asian market suffering its worse loss since 9/11/2001.Meanwhile, Bank of America, which earlier this month announced plans to buy ailing Countrywide, reported their fourth-quarter 2007 shares at 5 cents per share, a 95% nosedive from the $1.16 per share BofA earned in the fourth quarter of 2006.
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