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That brings us to the other big news in the announcement. The FOMC left the door wide open for even more rate cuts, which would bring us into uncharted territory. The federal-funds target rate previously bottomed out at 1% from June 2003 to June 2004. The actual federal-funds rate did drop below 1% a few times in the 1950s, but that was another era - an era when the Fed didn't announce interest-rate targets, banks completely dominated the financial system and the U.S. completely dominated the global economy, and there was no such thing as a money...
...federal-funds target rate were cut to 0.75%, many money-market funds that invest exclusively in government debt would struggle to cover their costs and still pay a positive return to investors. The Fed has a new facility in the works, the Money Market Investor Funding Facility, that's intended to ease these pressures. Once that's up and running, don't be surprised if short-term interest rates keep dropping, even to 0% - as was the case in Japan from 1999 to 2006. The Fed would literally be giving money away...
...staggering statistic: one in four American teenagers drops out of school before graduation, a rate that rises to one in three among black and Hispanic students. But there's no federal system keeping track of the more than 7,000 American teenagers who drop out of school each...
...federal legislation not only of leading more schools to teach to the test, but of letting - or perhaps even encouraging - struggling students to drop out before they can lower average test scores. But Spellings is trying to address this problem with new regulations that will set a uniform graduation rate so that a high school's annual progress will now be measured both by how students perform on standardized tests and by how many of them graduate within four years...
...system that has led to a lot of variation across the country. The Education Trust report found that in half of states, even the tiniest bit of progress was deemed sufficient. In a few states, simply not doing worse than the previous year was good enough. "A 50% graduation rate holding steady should not be viewed as progress by anyone," says Daria Hall, assistant director for K-12 policy development at the Education Trust. "We obviously need more reliable and meaningful statistics...