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Fed cuts rates by 75 bps

Published on Tue, Jan 22, 2008 at 18:49   |  Updated at Wed, Jan 23, 2008 at 18:40  |  Source : CNBC-TV18
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The US Federal Reserve has cut funds and discount rates by 75 bps, reports CNBC-TV18. It has cut the discount rate by 75 bps to 4% while the funds rate is now at 3.5%.

This is the first inter-meeting rate cut since September 17, 2001. "We are still not forecasting a recession this year," the Fed said.

 


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