Former anticipation of this rate cut predicted this to occur at the end of the month. However, with the fear of a recession quickly growing, the unscheduled Fed meeting resulted in the following rat cuts:

Federal Funds Rate (home equity lines of credit, credit card debt): 3.5%

Fed Discount Rate (bank cost to borrow money): 4%

There is some speculation that more rate cuts could be made when the Fed meets again on January 30th. Do you think this rate cut will prevent a recession? Do you think the Fed needs to take drastic measures to prevent one????