Sunday: Fed lowers the discount rate another quarter point!!!
The Federal Reserve on Sunday cut the rate on direct loans to commercial banks by a quarter-point and said it will allow primary dealers to borrow at the rate in exchange for a broad range of investment-grade collateral.
This and the JP Morgan buyout of Bear Stearns was completed today because they wanted it done before the Asian Markets opened Monday morning in an attempt to ease further worldwide financial woes.
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