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0% interest rate in the u.s.

Published: 17/12/2008

Daily Mail (Main) – 17th December 2008

The U.S. shocked the world last night by slashing interest rates to a historic low.

Its central bank, the Federal Reserve, set the official rate to between zero and 0.25 per cent.

Andrew Hagger of the financial information website Moneynet.co.uk said savings rates have already been slashed in recent months.

‘Many accounts are now offering an almost worthless rate of return,’ he said. ‘Savers relying on a monthly return to boost their income are feeling the brunt of recent base rate cuts.’

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