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Feds Slash and Burn

The Fed slashed its interest rate by three quarters (3/4, 75%, .75) of a percentage point today; it was the biggest single cut made since 1984. A 75 basis-point increase in the discount rate— down to 4%— was also approved; both indicate an obvious problem, shall we say, in the U.S. economy. And the Dow dropped anyway. Bush is meeting with Congress today (brace), where a proposed economic stimulus package is to be discussed and implemented soon, says the administration. [NYT]