This blog was posted by some friends of ours, The Jones Team, realtors out of Tennessee....we thought we had to share because it is so good!!! 

In a suprise move, the Federal Reserve announced this morning that it has cut the Federal Funds Rate three-quarters of a point, moving the key rate from 4.25 to 3.75 percent.

While it was no suprise that the Fed would slash rates, the shocker is that the US central bank would not only make the move before its scheduled meeting next week, but also implement the biggest federal funds rate cut on record going back to 1990.

In addition to dropping the funds rate, which governs overnight lending between banks, the Fed also slashed the discount rate it charges on direct loans to banks by three-quarters of a point to 4 percent.  Many economists believe rates could be cut again at the Federal Reserve’s scheduled meeting on January 29-30.

Check out the full story here.