Reactions mixed to smaller rate cut by Fed.

Byline: Angela Shah

The Federal Reserve Bank took a nip off a key interest rate Wednesday, dropping it to the lowest level in seven years.

The quarter-point cut is the latest of six such moves designed to push the nation's volatile economy toward a recovery.

Reactions were mixed _ much like current economic conditions, which show continued trouble in manufacturing but stronger consumer confidence and spending.

"There are still no clear signs of recovery ... and we are disappointed that they did not reduce rates by 50 basis points," said Jerry Jasinowski, president of the National Association of Manufacturers, which says the sector is in a nine-month recession. "The…