The release of the Federal Open Market Committee's (FOMC) March 31-April 30 minutes show seven district banks had voted for no change in the discount rate in an effort to slow inflation. The Boston Fed was the lone bank to vote for a half-point cut in the discount rate. Four banks had requested a 25bp...
The Federal Reserve had a busy weekend. First, of course, the Fed arranged to assist J.P. Morgan Chase in acquiring Bear Stearns by approving a $30 billion credit line to J.P. Morgan, secured by the Bear Stearns portfolio, a move that, by early Monday the talking heads were referring to as "nationalizing...
The Federal Reserve slashed benchmark interest rates by a half point in an agressive move to prevent the economy from moving into recession and to ease the pains of the housing bubble. The decision to cut the overnight federal funds rate from 5.25% to 4.75% was unanimous. This is the lowest level since...