"If this does not have a desired effect, it will not be because we didn't do another 25. It will be because we're at the point where we're going to have to think about the fed funds rate," said Geithner, who then levied some dramatic irony. "So I don't think it is right ... to think that we will do it by just decision we will revisit that spread. We will have to think about more dramatic actions in that context."
On Aug. 17, 2007, the Fed issued this statement, which said it would cut the discount rate by 50 basis points and the target federal funds rate by the same amount.
"We are doing a very unconventional thing," Bernanke said at the end of the meeting.
-- Written by Joe Deaux in New York.>Contact by Email. Follow @JoeDeaux
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV