The Federal Reserve announced a 0.5% cut to the discount rate, the rate it charges to financial institutions (whereas the more discussed Fed funds rate is the overnight rate which institutions charge each other). The Fed not only sprang this surprise cut to the less-watched rate, it doubled the bailout by the unusual action of extending the loan term to 30 days.
Should Ben Bernanke Resign? Who Should Be the New Federal Reserve Chair?
Friday, August 17, 2007
Federal Reserve Cuts Discount Rate 0.5%
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