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SOURCE ROOM

Federal Reserve Board discount rate action (August 17, 2007)

Board of Governors of the Federal Reserve System

Claims Supported by This Source

  1. On August 17, 2007, the primary credit rate was lowered by 50 bp to 5.75%. The spread to the FF rate target was narrowed to 50 bp.
  2. Temporarily extended the term of discount window loans to up to 30 days, renewable by the borrower. Continued to accept a broad range of collateral, including mortgage loans and related assets.
  3. The purpose was to restore orderly conditions in financial markets. To provide depository institutions with greater assurance about the cost and availability of funds.

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