Last week in an emergency meeting The Fed cut the federal funds target rate .75% (the rate that private banks lend to other banks) and cut the discount rate .75% (the rate at which member banks can borrow short-term money from the Federal Reserve). Today, The Fed cut the Federal Funds Rate by another .5% in an effort to continue to ward off recession. The numbers are in for Q4 2007 with a very slow .6% growth rate, yes I meant 3/5ths of a point.
Here is the release by the Associated Press.