FOMC cuts fed funds and discount rates by half point each

By Greg Robb
Last Update: 2:15 PM ET Sep 18, 2007

In a statement, the FOMC said the action "was necessary to forestall some of the adverse effects on the broad economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time." The Fed said that some inflation risks remain. It said the credit crunch could hurt the economy.

http://www.marketwatch.com/news/story/federal...