Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199


Search Gold Prices
Gold Price
[Most Recent Quotes from]
Our RSS Feed

Gold Updates by Mail

Enter your email address:

Follow Us on Twitter
« Goodbye Dollar, Hello Gold! | Main | The US Dollar Index: Is What? »

Fed Reduces Discount Rate to 5.75%

The Wall Street journal on-line has just reported the following:

“Fed Cuts Discount Rate to 5.75%, Citing Raised Economic Uncertainty”

WASHINGTON -- The Federal Reserve, declaring that increased economic uncertainty poses risks for U.S. business growth, announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks.
The action was the most dramatic effort yet by the central bank to restore calm to global financial markets which have been roiled in the past week by a widening credit crisis. (Read the Fed's statement.)
The decision means that the discount rate, the interest rate that the Fed charges to make direct loans to banks will be lowered to 5.75%, down from 6.25%.

Well this should make for an interesting end to the week. Instead of the markets opening lower in anticipation of another pounding we could see stocks rally.

As we write gold is up $13.50 and silver is up 56 cents.

Have a better one today.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>