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WASHINGTON (Reuters) - In a bold bid to turn back a rising financial storm, the U.S. Federal Reserve on Friday cut a key bank lending rate and signaled a willingness to take more dramatic action to cushion the economy from tightening credit.

With stock markets from Asia to New York reeling as shock waves from rising U.S. mortgage defaults spread around the globe, the U.S. central bank tried to calm financial markets by lowering the discount rate that governs Fed loans to banks by a hefty half-percentage point to 5.75 percent.

Read Full Article    The Chattanooga housing market seems stable, and does not appear to be overbuilt like other cities in the nation.  Any slow down, I contribute to the negative media attention!