Fed cuts rates by 75 bps

RELATED NEWS RBI, Fed meet to set mkts� future course: Birla Sun Life Fed likely to cut rates by 75 bps Fed may cut rates down to 2.5% this yr: BNP Paribas Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

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.