FOMC September 18th Meeting
The FOMC cut the fed funds rate by 50 basis points to 4.75% and lowered the discount rate by the same amount The statement shows concern about the potential impact on growth of tightening credit conditions, the disruption in financial markets and the ongoing housing correction Unless conditions improve in the near future, which is not likely, the FOMC could lower rates to 4.25% by the end of the year Prior to the meeting there was uncertainty as whether the FOMC would implement a 25 or a 50 bp
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