WASHINGTON (AFX) - The Federal Open Market Committee, in an inter-meeting move, cut its key federal funds interest rate by 50 basis points to 3.0 pct from 3.50 pct. The fed funds rate is now at its lowest since Feb 1994. In a related move, the Federal Reserve Board lowered its largely symbolic discount rate by 50 basis points to 2.50 pct from 3.00 pct. This is the eighth reduction in the federal funds rate since the beginning of the year. The FOMC has now reduced the fed funds rate target for overnight lending by 325 basis points. This is the largest cumulative amount of Fed easing since June 1989-Sept 1992, when the fed funds rate was cut from 9.75 pct to 3.0 pct. It is the sharpest reduction in the fed funds rate since July-Dec 1984, when the FOMC cut the key rate to 8.25 pct from 11.5-11.75 pct. Looking forward, the FOMC said that the risks continue to be tilted toward economic weakness.