​ Federal Reserve Issues Statement, Cuts Discount Rate, Holds Fed Funds. The Federal Reserve cut the less important discount rate by 0.​5% to 5.​75%, an emergency facility for banks, and issued a statement, saying "The [​Federal Reserve Open Market] Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets." The Federal funds target rate, the more important overnight rate for loans between banks and main benchmark for short-​term interest rates, remains unchanged at 5.​25%.

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