The Federal Reserve Friday cut interest rates another notch to help revive the economy, after a jump in the February unemployment rate to the highest level in four years.
The Fed pumped cash into the banking system in an effort to push down the federal funds rate - the overnight rate at which banks lend one another money - by a quarter-point to 6 percent, economist said."The Fed is easing," said Joseph Plocek, economist at MCM Inc.
The move was the third time the central bank has cut interest rates this year and came after the report of a 6.5 percent unemployment rate in February.
On Feb. 1, the Fed lowered its benchmark discount rate by a half-point, to 6 percent, and cut the federal funds rate by a half-point, to 6.25 percent.