Approval of the discount rate action of the Federal Reserve Bank of Philadelphia

The following press release was published by the Board of Governors of the Federal Reserve System on Dec. 18, 2008. It is reproduced in full below.

The Federal Reserve Board on Thursday approved action by the Board of Directors of the Federal Reserve Bank of Philadelphia, decreasing the discount rate at the Bank from 1-1/4 percent to 1/2 percent, effective immediately.

Source: Board of Governors of the Federal Reserve System