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Fed ups interest rate again as Greenspan says goodbye

The Federal Reserve nudged a key interest rate up to the highest level in nearly five years on Tuesday as Alan Greenspan brought his long tenure as Fed chairman to a close, AP reported. At Greenspan’s final meeting, the central bank voted to boost its target for the federal funds rate to 4.5 percent. It was the 14th quarter-point move in a credit-tightening campaign that began 19 months ago. Greenspan’s successor, Ben Bernanke, is scheduled to take over on Wednesday as the Fed’s 14th chairman since the central bank was created in 1913.


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