Major banks group says endorses Fed's discount rate move

NEW YORK (Reuters) - A group of major banks said it endorsed the Federal Reserve's action to cut the discount rate earlier on Friday.

The Clearing House association, which runs the interbank payments system, said it met at the request of the President of the Federal Reserve Bank of New York.

The Federal Reserve actions, "would encourage financial market participants to take steps that would improve conditions in funding and credit markets," the banks group said.