Interest Rate Cut: 1.5% to 1%
Date:
October 29, 2008
Policy Area:
Monetary Policy
Economic Target:
Financial Institutions
Action Type:
Change in Interest Rate 50 basis point reduction in federal funds rate.
Source:
Notes:
Activities of the Federal Reserve are not directly recorded in the federal budget. However, each year the Federal Reserve remits a portion of its earnings to the general treasury. This remittance is generally in the range of $20-$30 billion per year, but the CBO estimates that the Fed's earnings will be lower by approximately $90 billion over the next ten years.