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Federal Reserve Cuts Short-Term Interest Rates One-Quarter of One Percent.

Chicago Tribune (Chicago, IL)

| June 28, 2001 | COPYRIGHT 2007 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: William Neikirk

Jun. 28--WASHINGTON--The Federal Reserve applied a lighter foot to its monetary accelerator Wednesday by shaving one-quarter of one percent from short-term interest rates amid faint signs that the economic slowdown may have struck bottom.

The Fed's decision to cut by a quarter-point instead of a half-point indicated a more cautious stance until policymakers can determine whether their aggressive action so far this year is beginning to pay dividends.

The central bank took its benchmark federal funds rate, which commercial banks charge each other for overnight borrowing, down to 3.75 percent. The Fed also approved a similar reduction in its discount rate, the interest rate it charges commercial banks for direct loans from the central bank.

Yet the Fed's own brief…

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