Discount Rate Reduced by 50 Basis Points
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Open Market Committee (FOMC) yesterday lowered its target for the federal funds rate by 50 basis points, to 2 percent. In addition, the Board of Governors of the Federal Reserve System approved a 50 basis point reduction in the discount rate, to 1 ½ percent.
The press releases on the federal funds and discount rate changes are attached.