Short-term rate back to 2004 level

In what's expected to be the last in a series of cuts in short-term interest rates for now, the Federal Reserve today cut its target for the federal funds overnight rate by 25 basis points, to 2 percent -- the lowest level since 2004.

Two members of the Federal Open Market committee voted against the move, saying that it was time to end a series of cuts and leave the rate banks charge each other to lend money overnight at 2.25 percent.

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