The FOMC announced that it has cut the fed funds rate by 50 basis points to 4.75%. In addition, it also announced a cut in the discount rate by 50 basis points to 5.25%, noting that today's action is intended to "forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time."
The initial reaction in a fast stock market has been decidedly positive.
The initial reaction in a fast stock market has been decidedly positive.
