Fed Lowers Discount Rate to Calm Markets |
| NPR - Aug 17, 2007 |
The Federal Reserve said Friday it has approved a half-percentage point cut in the discount rate - a dramatic move aimed at calming markets roiled by a widening credit crisis.
In a statement explaining the board's action, Federal Reserve Chairman Ben Bernanke and his colleagues said that while incoming data suggest the economy is continuing to expand at a moderate pace, "the downside risks to growth have increased appreciably."
The Fed acknowledged that conditions had "deteriorated and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward." The central bank said it was "monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets."
Read Full Article from NPR
- Posted: 2007-08-17 09:43:25
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