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FED CUTS A FURTHER 50 BASIS POINTS

WASHINGTON, Jan 30 (Reuters) - Following is the full text of  the Federal Open Market Committee statement issued on Wednesday  following a two-day meeting on interest rate policy: 
    
   "The Federal Open Market Committee decided today to lower  its target for the federal funds rate 50 basis points to 3  percent. 
    
   Financial markets remain under considerable stress, and  credit has tightened further for some businesses and households.  Moreover, recent information indicates a deepening of the  housing contraction as well as some softening in labor markets.
   The Committee expects inflation to moderate in coming  quarters, but it will be necessary to continue to monitor  inflation developments carefully. 
  



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