The Federal Reserve Board unanimously approved a request by the Federal Reserve Bank of New York to decrease the primary credit rate from 3.50 percent to 3.25 percent, effective immediately.

This step lowers the spread of the primary credit rate over the Federal Open Market Committee's target federal funds rate to 0.25 percentage point.

The Board also approved an increase in the maximum maturity of primary credit loans to 90 days from 30 days.

See the press release for full details.
Press release

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