More Breaking News - U.S. Fed Cuts Discount Rate in Rare Weekend Session!

Another news story has just broke this Sunday evening.   In a rare weekend meeting by the Federal Reserve the Federal Reserve has agree to cut the Fed Discount Rate and other 25 Basis Points to 3.25 % to direct loans to commercial banks to open up borrowing at the rate to primary dealers in government securities.   This was another attempt to move the AsianMarkets before they open Monday morning.  The Asian market futures were set to open sharply lower Monday on news of the Bear Stearns debacle Friday.  The moves were meant to ease the financial strains globally on the credit freeze and instill confidence in the financial markets.

• Bloomberg Story
• Effect on Markets
• Rattling Markets
• Forbes.Com
• Asian Markets Open Sharply Lower