Fed cuts rates 75 basis points in emergency move - MarketWatch
WASHINGTON (MarketWatch) -- Hoping to prevent a market meltdown and recession, the Federal Reserve lowered its overnight lending rate by 75 basis points to 3.50% on Tuesday in a rare move between formal meetings.
The cut came after global financial markets sold off in dramatic fashion on fears that bad bets in credit markets could spread further and drive the U.S. economy into recession. See full story on London markets.
It was the largest rate cut by the Fed since the early 1980s.
The Fed also lowered its discount rate by 75 basis points to 4%
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