Fed cuts key interest rate

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The Federal Reserve cut its key interest rate by three-quarters of a percentage point to 2.25 percent. Two of the 10 members of the policy-making Federal Open Market Committee dissented from such a large cut. The move follows a Fed agreement to lend up to $30 billion to JPMorgan Chase for its takeover of Bear Stearns, which faced collapse after its mortgage-backed investments tanked. 

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