The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Target for Federal Funds Rate Lowered by 25 Basis Points
August 21, 2001
Circular No. 11374
Discount Rate Reduced by 25 Basis Points
To All Depository Institutions in the Second Federal Reserve District:
The Federal Open Market Committee (FOMC) today lowered its target for the federal funds rate by 25 basis points, to 3 ½ percent. In addition, the Board of Governors of the Federal Reserve System approved a 25-basis-point reduction in the discount rate, to 3 percent.