Fed rate cut announcement text.

<P> Federal Open Market Committee (FOMC) decided to 03:15 Beijing time on Thursday lowered the benchmark federal funds rate by 50 basis points to 3%. .</ P> <P> financial markets remain under considerable pressure, some industries and households tightening credit conditions further. .Moreover, recent data show further declines in the housing industry, labor market weakness. .</ P> <P> Committee expects inflation to moderate in coming quarters to maintain momentum, but still need to pay close attention to its development. .</ P> <P> today's decision, together with measures taken previously, should help boost the economy, moderate growth in the next period of time, and reduce the risk of recession. .However, downside risks to growth remain. .The Committee will continue to assess the financial markets and other developments on economic prospects and the need to take timely measures to curb the spread of risk. .</ P> <P> vote for members of the FOMC rate cut decision include: Federal Reserve Chairman Ben Bernanke (Ben S. Bernanke), Fed Vice Chairman Gainer (Timothy F. Geithner), Cohen (Randall S. Kroszner), m .even gold (Frederic S. Mishkin), the Philadelphia Federal Reserve Chairman Xipuluosuo (Charles I. Plosser), Minneapolis Fed President Stern (Gary H. Stern), Val Xu (Kevin M. Warsh). .Dallas Fed President Fisher (Richard W. Fisher) voted against, he called for interest rates unchanged. .</ P> <P> At the same time, the Federal Reserve Board voted unanimously to lower the discount rate by 50 basis points to 3.50% of the decision. .</ P>.