4 January 2001, 10:14 Fed cuts short-term interest rates in surprise move
Washington--Jan. 3--In a highly unusual move to shift its monetary
stance between regularly scheduled policy meetings, Federal Reserve
decision-makers announced a dramatic 50 basis point cut in its federal
funds rate target, and a cut of 25 basis points in its discount rate. The
decision pushes down the fed funds rate to 6.00%, while the discount rate
falls to 5.75%.
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