Fed Holds Emergency Weekend Meeting to Stop Financial Bleeding

We think the rate will be cut again this week — perhaps by another half percent. Consider these Band-Aids — tiny Band-Aids to stop arterial bleeding. — PID

March 17 (Bloomberg) — The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds. In its first weekend emergency action in almost three decades, the central bank lowered the so-called discount rate by a quarter of a percentage point to 3.25 percent. Full Report