The central bank voted 9 to 1 to slice its federal funds rate, the interest that banks charge each other for short-term loans, by a quarter point from 4.5% to 4.25%. The Fed has now cut that rate a full point since September, when it began its most recent round of rate reductions.

The markets went down after the Fed decision-once again I'm no economist, but retiree's or conservative investors will face lower interest rates for money markets and CD's.