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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Paul Kern who wrote (85243)	8/17/2007 8:19:42 AM
From: Paul Kern	Read Replies (1) of 110194

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. To contact the reporter on this story: Brendan Murray in New York at brmurray@bloomberg.net ; Last Updated: August 17, 2007 08:16 EDT

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