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Change in the discount rate.

D0172

The Federal Reserve Board announced on February 1, 1991, a reduction in the discount rate from 6 1/2 percent to 6 percent, effective immediately.

Action was taken in light of further declines in economic activity, continued sluggish growth trends in money and credit, and evidence of abating inflationary pressures, including weakness in commodity prices.

In taking the action, the Board voted on requests submitted by the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Chicago, Kansas City, and Dallas. The Board subsequently approved similar requests by the boards of directors of the Federal Reserve Banks of Cleveland, St. Louis, Minneapolis, and San Francisco. The actions for the Reserve Banks of Cleveland, Minneapolis, and San Francisco were effective February 1. The St. Louis change was effective February 4. Also on February 4, the Federal Reserve Board approved action by the board of directors of the Federal Reserve Bank of Atlanta to reduce the discount rate of that bank from 61/2 to 6 percent, effective February 4.
COPYRIGHT 1991 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Announcements; Federal Reserve Board
Publication:Federal Reserve Bulletin
Date:Mar 1, 1991
Words:174
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