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August 10, 2007: Fed Sounds Alarm

Amid growing financial market turbulence and cries for an interest rate cut, the Federal Reserve Board says it is "providing liquidity to facilitate the orderly functioning of financial markets." A week later, the Fed says "conditions have deteriorated" and it "is prepared to act as needed, but doesn't cut rates, waiting to do so at regularly-scheduled FOMC meeting Sept. 18.

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