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Article: FOMC CUTS FED FUNDS RATE
- Article from:
- United Press International
- Article date:
- September 29, 1998
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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United Press International
09-29-1998
FOMC cuts fed funds rate
WASHINGTON, Sept. 29 (UPI) _ The Federal Reserve's policy-making Open
Market Committee voted to cut the federal funds rate one-quarter
percentage point to 5.25 percent _ its lowest level since January 1996,
but left the discount rate unchanged at 5 percent.
Most economists on Wall Street were expecting the central bank to trim
interest rates by at least one-quarter percentage point.
Initial reaction on Wall Street was a selloff in stocks, triggering the
New York Stock Exchange's ``uptick rule'' which limits certain types of
program selling within 6 minutes of the Fed's announcement.
The central bank said ``the action was taken ...