Ben Bernanke cuts rates 0.75%

Statement is here. Summary: the Fed is scared, both of inflation and a slowdown. But not quite as scared as the markets were yesterday. The market, which was expecting something rather more generous, reacted unhappily.

This article available online at:

http://www.theatlantic.com/business/archive/2008/03/ben-bernanke-cuts-rates-075/3024/