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To: Hobie1Kenobe who wrote (8490)	1/4/2001 6:13:13 PM
From: jhg_in_kc	Respond to of 13572

The Federal Reserve (news - web sites) on Thursday cut the U.S. discount rate by a quarter percentage point to 5.5 percent, following Wednesday's quarter-point cut that was meant to underline an even more aggressive reduction in the key federal funds overnight bank lending rate. The central bank said its board of governors had voted on the cut in the discount rate, the rate charged on Fed loans to commercial banks, unanimously at the request of all 12 regional Fed banks. The central bank -- which only moves the more symbolic discount rate at the request of regional Fed banks -- had said on Wednesday it was prepared to take this additional action if the regional banks requested it do so. In a statement issued that day when the Fed cut its fed funds rate half a point to 6 percent and lowered the discount rate to 5.75 percent, the central bank had said it stood ``ready to approve a further reduction of 25 basis points in the discount rate to 5.5 percent'' if regional Fed banks asked for such a move. The Fed cut in the fed funds rate was designed to give the economy a shot in the arm and avert an excessive slowdown.