Fed cuts short-term rates by 50 basis pts

The Federal Reserve announced it has cut its key federal funds rate target and its discount rate by 50 basis points. The actions bring the federal funds rate target and the discount rate down to 3.00%. The Fed made the unusual move of cutting interest rates between regularly scheduled monetary policy meetings following last week's terrorist attacks in New York and Washington, and on the morning of the reopening of U.S. equity trading, which was halted for most of last week.

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