Friday - March 29, 2024
FOMC STATEMENT AND APPROVAL OF DISCOUNT RATE ACTION BY FEDERAL RESERVE BANKS OF BOSTON, NEW YORK, CLEVELAND, AND SAN FRANCISCO
October 29, 2008
WASHINGTON, Oct. 29 -- The Federal Reserve Bank issued the following news release:

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.

The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies . . .

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