In a bold move, the Federal Reserve unanimously voted to set a target range for its federal funds rate so that it will hover between 0.25 percent and zero. The federal funds rate, the interest banks charge each other on overnight loans, had previously stood at 1 percent and is now at a record low.

Interest rate cuts are seen as beneficial to the economy since they typically lead to more lending by making it cheaper to borrow money. In addition, the Federal Reserve said it would "employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability."

I am encouraged by the aggressive and unprecedented action our government is taking to free up money for loans, as well as the Federal Reserve's pledge to do whatever it takes to stimulate the economy.

Questions or comments call or email me at bhelman@weichert.com