Cut of one percentage point designed to give market shot in the arm
A cut of this size in the Fed's target fed funds rate would bring it down to 2 percent.
The Fed hasn't cut the funds rate by this amount since the early 1980s, before a formal target was set.
Sentiment of a large rate cut gained momentum on Friday when the government moved in to stop a run on Bear Stearns Cos. and was cemented with the news Sunday night that J.P. Morgan Chase was buying the distressed brokerage in a transaction valued at $2 per share.
The news has roiled markets overnight and banks have grown cautious about lending to other financial institutions for anything longer than one day.
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