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To: Rif Kamil, M.D who wrote (72508)	10/16/1998 10:16:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 176387

<FED watch> Greenspan 'ordered' rate cut no vote taken.My man has hutzpah,I had no idea.<vbg> Rif: You heard this?? Quite interesting. =================== Friday October 16, 9:55 am Eastern Time Greenspan ordered funds rate cut, no vote taken-Fed WASHINGTON, Oct 16 (Reuters) - Federal Reserve Chairman Alan Greenspan ordered Thursday's surprise cut in the U.S. federal funds rate after consulting with the Fed's policymaking committee, but the group took no formal vote, a Fed spokeswoman said on Friday. ''The cut in the federal funds rate was an action taken by the chairman after consulting with the FOMC (Federal Open Market Committee),'' the spokeswoman told Reuters. She added that Greenspan held a conference call with his fellow FOMC members sometime shortly after noon (1600 GMT). The Fed on Thursday cut the federal funds overnight bank lending rate by a quarter percentage point to 5.0 percent and the discount rate, at which the Fed makes emergency loans to commercial banks, by a quarter percentage point to 4.75 percent. The announcement was made at 3:14 p.m. (1914 GMT). The spokeswoman said the discount rate reduction was approved by the Fed's board of governors on the recommendation by regional Fed banks, as is the customary procedure. The vote was taken 5-0, she said. One governor, Edward Gramlich, was absent and one seat on the usually seven-member board is vacant. The voting members of the FOMC are the members of the board of governors plus five of the 12 regional Fed bank presidents, who vote on a rotating basis. The Fed chairman has leeway to alter the fed funds rate between regular meetings of the FOMC without consulting fellow members of the committee, which he chairs. biz.yahoo.com