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TIMELINE: Fed funds rate changes since 1994

NEW YORK (Reuters) - The Federal Reserve on Tuesday lowered the federal funds rate by 75 basis points, or three quarters of a percentage point, to 3.50 percent in a surprise intermeeting decision.

It also cut the discount rate by 75 basis points to 4.00 percent.

The following is a chronology of the Federal Reserve’s changes in the overnight federal funds rate since 1994. Moves are measured in basis points (bps), each of which equals one-hundredth of a percentage point: 2008 Jan 22 Cut 75 bps to 3.50 pct 2007 Dec 11 Cut 25 bps to 4.25 pct Oct 31 Cut 25 bps to 4.50 pct Sept 18 Cut 50 bps to 4.75 pct 2006 June 29 Raised 25 bps to 5.25 pct May 10 Raised 25 bps to 5.00 pct March 28 Raised 25 bps to 4.75 pct Jan 31 Raised 25 bps to 4.50 pct 2005 Dec 13 Raised 25 bps to 4.25 pct Nov 1 Raised 25 bps to 4.00 pct Sept 20 Raised 25 bps to 3.75 pct Aug 9 Raised 25 bps to 3.50 pct June 30 Raised 25 bps to 3.25 pct May 3 Raised 25 bps to 3.00 pct March 22 Raised 25 bps to 2.75 pct Feb 2 Raised 25 bps to 2.50 pct 2004 Dec 14 Raised 25 bps to 2.25 pct Nov 10 Raised 25 bps to 2.00 pct Sept 21 Raised 25 bps to 1.75 pct Aug 10 Raised 25 bps to 1.50 pct June 30 Raised 25 bps to 1.25 pct 2003 June 25 Cut 25 bps to 1.00 pct 2002 Nov 6 Cut 50 bps to 1.25 pct 2001 Dec 12 Cut 25 bps to 1.75 pct Nov 6 Cut 50 bps to 2.00 pct Oct 2 Cut 50 bps to 2.50 pct Sept 17 Cut 50 bps to 3.00 pct Aug 21 Cut 25 bps to 3.50 pct June 27 Cut 25 bps to 3.75 pct May 15 Cut 50 bps to 4.00 pct April 18 Cut 50 bps to 4.50 pct March 20 Cut 50 bps to 5.00 pct Jan 31 Cut 50 bps to 5.50 pct Jan 3 Cut 50 bps to 6.00 pct 2000 May 16 Raised 50 bps to 6.50 pct March 21 Raised 25 bps to 6.00 pct Feb 2 Raised 25 bps to 5.75 pct 1999 Nov 16 Raised 25 bps to 5.50 pct Aug 24 Raised 25 bps to 5.25 pct June 30 Raised 25 bps to 5.00 pct 1998 Nov 17 Cut 25 bps to 4.75 pct Oct 15 Cut 25 bps to 5.00 pct Sept 29 Cut 25 bps to 5.25 pct 1997 March 25 Raised 25 bps to 5.50 pct 1996 Jan 31 Cut 25 bps to 5.25 pct 1995 Dec 19 Cut 25 bps to 5.50 pct July 6 Cut 25 bps to 5.75 pct Feb 1 Raised 50 bps to 6.00 pct 1994 Nov 15 Raised 75 bps to 5.50 pct Aug 16 Raised 50 bps to 4.75 pct May 17 Raised 50 bps to 4.25 pct April 18 Raised 25 bps to 3.75 pct March 22 Raised 25 bps to 3.50 pct Feb 4 Raised 25 bps to 3.25 pct

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