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CNN BREAKING NEWS

Fed Cuts 25 Basis Points

Aired August 21, 2001 - 14:13   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
NATALIE ALLEN, CNN ANCHOR: Right now we have breaking news on another front. For that, we'll turn to Lou.

LOU WATERS, CNN ANCHOR: And I'm going to throw it to our other Lou, Lou Dobbs in New York, because we're expecting the Fed to make its interest rate decision here, momentarily.

LOU DOBBS, "LOU DOBBS MONEYLINE": Lou, thank you. The fed has made its decision, the Fed has decided to cut by 25-basis-point, reducing the interest rate by one quarter of a percent. And that makes this the seventh interest rate cut by the Fed since the beginning of the year.

Now these Fed cuts have, if we can take a look at just how dramatically and aggressively the Fed has been cutting, all of this transpiring since the 3rd of January. We see seven cuts, we're now down to 3.5 percent.

And we're going now to Rhonda Schaffler at the New York Exchange, where I suspect there is starting to be some reaction.

RHONDA SCHAFFLER, CNNfn CORRESPONDENT: Indeed there is, Lou. In fact, the Dow industrials right now up some 30 points. That is down from the levels we saw. Right before the announcement the Dow had been up close to the 50. Right now, traders are selling into the news.

Twenty fire basis points widely expected, but not enough right now to get the market excited. Lou.

DOBBS: OK. Selling into it. We can expect the market, at least in the short period of time, to dip. Rhonda, thank you. Rhonda Schaffler from the New York Exchange. I'm Lou Dobbs in New York.

Now, back to you Lou Waters in Atlanta.

WATERS: OK. Thanks, Lou.

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