PETALING JAYA: In a surprise move designed to assure banks of funding availability, the US Federal Reserve (Fed) has cut its discount rate by 0.5 percentage point to 5.75%. However, the US central bank has held firm on its benchmark federal funds rate, maintaining its target at 5.25%.
According to various newswires, the Federal Open Market Committee, in a statement, said: “Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward.
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