Fed makes second rate cut of the month

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The Federal Reserve Board made its second rate cut of the month in an attempt to perk up the sagging U.S. economy. The Federal Open Markets Committee lowered interest rates today by 0.5% at its regular meeting, after an unexpected 0.5% cut Jan. 2. Within a half-hour of the Fed's action, the Dow Jones Industrial Average was up barely 20 points and most agency stocks remained down or flat.

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