Fed Cuts The Rate .75 Percentage Point!

The Federal Reserve lowered its benchmark interest rate in an emergency move for the first time since 2001 after stock markets tumbled from Hong Kong to London and the U.S. economy showed increasing signs that it's headed into a recession.

The central bank cut the target overnight lending rate to 3.5 percent from 4.25 percent

(I was guessing 1/2)  :-)

Policy makers weren't even scheduled to gather until next week! It's the biggest single reduction since the Fed began using the rate as the principal tool of monetary policy around 1990.