Fed Cuts Discount Rate to 5.75%, Cites `Downside' Risks
By Brendan Murray
Aug. 17 (Bloomberg) -- The Federal Reserve, in an unscheduled meeting, cut the discount rate to 5.75 percent from 6.25 percent, noting market conditions have deteriorated since it last met Aug. 7.
``Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward, '' the central bank's Federal Open Market Committee said in a statement. ``The downside risks have increased appreciably.''
The FOMC left the overnight federal funds target rate unchanged at 5.25 percent.
fried eyes friday, page-180
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