Emergency .75% cut by the Fed

Brian Brady over at Mortgage Rates Report reported that the Fed cut .75% in an emergency move this morning. From Bloomberg:

"The Federal Reserve lowered its benchmark interest rate in an emergency
move for the first time since 2001 after tumbling global stock markets and a
jump in U.S. unemployment threatened to push the economy into recession.

The central bank lowered the benchmark overnight lending rate to 3.5
percent from 4.25 percent, the Federal Open Market Committee said in a statement in Washington. Policy makers weren't scheduled to gather on rates until Jan. 29-30."

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