Breaking: Fed Cuts Rates 3/4 Point In Emergency Session

In reaction to worsening signs in the domestic economy, and clearly in reaction to a global market rout, the federal reserve has decided to lower both the discount and fed funds rates by 3/4 of a point this morning. The fed funds rate now stands at 3.5%. Initial reaction is a modest bounce in dow futures, which as of 8:27 a.m. EST still stood down over 300 points.
More on the implications soon...