The announcement came at 8:20 am New York time before the U.S. markets opened. Stock futures, which were pointing to a sharply lower open, bounced back but are still indicating a lower open.

The following is the text of a statement released by the U.S. Federal Reserve on Tuesday:

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.

While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households.

This mortgage update provided by:

JD Terry Mortgage Banker East Carolina Bank Mortgage Phone: 910-431-6082 Fax: 910-799-7091 JDTerry.com

If you have any questions on how this will effect retail mortgage interest rates please do not hesitate to give JD a call.

I wanted to take a moment to tell you about Art of the Table, a fund-raising event that I’ve had the pleasure of helping plan at the Bellamy Mansion. During February 22 – 24, thirty artfully themed tabletops created by local designers will be displayed throughout 12 of the mansion’s period rooms. It’s a great opportunity to explore the mansion’s beautifully restored antebellum architecture and get ideas for creating your own memorable tabletops at home. The weekend schedule is as follows:

Table designers include:

Proceeds from the event will go towards the mansion’s ongoing operations and restoration. Please click here or call 910-791-7813 to reserve your tickets. I hope to see you there!

The following article is courtesy of Gareth McGrath Staff Writer for the Star News.

This story was of particular interest to me as I’ve been in contact with a man from Charlotte who is considering purchasing a unit at the Riggins. However, this story is about a lot more than Riggins woes. It’s about the role the beach plays in our life and how fragile this is. Beaches naturally wash away and change over time. In an area like Wilmington where we’ve built homes and lives around the coast, a change to that coastline means big changes for us.

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