The Federal Reserve cut interest rates again today, this time by one quarter of a percent.

This is the seventh rate cut since September, and many experts believe this will be the last.

The economy saw just a slight growth during the first three months of the year.

The Fed cuts a key interest rate one quarter of a percent on the same day the Commerce Department announces a sliver of growth in the U.S. economy.

Gross domestic product grew six-tenths of a percent in the first quarter of the year, the same growth rate as the final three months of 2007.

Economists call that slow and anemic and say they are worried the housing slump and credit crunch are weighing down u-s economic growth.

Slow growth combined with rising food and gas prices worries analysts who say the economy may slip in to a recession when the second quarter numbers come out.

At the White House, the news reinforced what President Bush said Tuesday, times are tough.

"This represents a small but positive growth in the United States economy, and it is about what you head us say we were expecting in this quarter. Although it is good that the US economy did not contract, by no means is this a rate of growth we're pleased with,” said White House Press Secretary, Dana Perino.

The Federal Reserve decision to cut interest rates could mean lower rates on car loans, equity lines of credit, and credit card interest rates for millions of Americans if banks pass the lower rates on to consumers.

The Fed is counting on that to kick start spending and help the economy.

“The president wants to see the economy perform to it's potential, as we've seen it do for many years now, and return us to higher income and job growth," said Perino.

The Fed has been cutting rates since last September.

The latest rate cut is relatively small.

And some economists say it's a signal to markets that the fed is done aggressively cutting rates and it's time to let the previous cuts work their way through the economy.