Roads are icy in spots that saw accumulating snow yesterday. Allow yourself plenty of extra time this morning and dress warmly, as wind chills are in the single digits and teens for many. A second disturbance will bring another round of snow showers to the Front Range this afternoon and early evening. While not as heavy as yesterday, some additional light accumulations over the higher terrain will be possible, including Teller and Northern El Paso Counties. Highs in the 30s and 40s will feel colder when factoring a blustery northwest wind. Click on the 'Weather' tab for more...
The Federal Reserve has decided to cut its benchmark interest rate by a-quarter of one percent. The move means that the Fed funds rate goes down to one percent, its lowest level since 1958.
Financial markets were divided whether the central bank would reduce by a-quarter or a more aggressive one-half of one percent.
The vote was eleven-to-one with Fed member Robert Parry dissenting.
He favored the larger reduction.
In its statement, the Fed says the economy has yet to show ustainable growth. It also notes that the liklihood of a ``fall in inflation,'' however minor, is greater than a pickup in pricing pressure.
The next meeting of the Federal Open Market Committee is scheduled for August 12th.
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