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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (54335)1/4/2001 9:05:47 PM
From: Don Lloyd  Read Replies (2) of 436258
 
hb -

Just to make it clear that the so-called second rate cut today is nothing of the kind in terms of any significance.

quote.bloomberg.com

"01/04 17:22
Fed Cuts Discount Rate Another Quarter Point to 5.5 Percent
By Michael McKee

Washington, Jan. 4 (Bloomberg) -- Federal Reserve policy- makers cut the discount rate on loans to banks from the Fed system by a quarter percentage point to 5.5 percent, the second cut in the rate in as many days.

The reduction was mostly a housekeeping move. The Fed's Board of Governors didn't have authority to cut the largely symbolic discount rate by more than a quarter point yesterday, when the central bankers surprised investors by cutting the U.S. benchmark overnight bank lending rate a half-percentage point to 6 percent.

Announcing the rate changes, the central bank said it was ready to approve a further reduction of 25 basis points once the Fed's district banks requested it. A majority of the 12 banks must formally request a change in the discount rate, and as of yesterday 7 of the 12 had asked only for a quarter-point cut.

``Completing action initiated yesterday, the Board of Governors today approved a discount rate of 5 1/2 percent, acting on requests submitted by the board of directors of all 12 Reserve banks,'' the Fed said in a statement announcing today's move. The board also voted 5-0 to approve yesterday's change in the discount rate. ..."

Regards, Don
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