FOMC Statement

The Board of Governors approved a reduction in the discount rate from 5-1/4 percent to 5 percent, effective immediately. In a related move, the Federal Open Market Committee agreed that the reduction would be reflected fully in interest rates in the reserve markets. This is expected to result in a reduction in the federal funds rate of 25 basis points, from about 5-1/2 percent to about 5-1/4 percent. In taking the discount action, the Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta, Minneapolis, and Dallas. 1996 Monetary policy

Federal Reserve (1996, January 30). FOMC Statement. Fomc Statements, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_statement_19960131

@misc{wtfs_fomc_statement_19960131,
  author = {Federal Reserve},
  title = {FOMC Statement},
  year = {1996},
  month = {Jan},
  howpublished = {Fomc Statements, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_statement_19960131},
  note = {Retrieved via When the Fed Speaks corpus}
}