Yesterday, the Federal funds rate stood at close to 8 1/4 percent for most of the day.

The Federal funds rate has felt upward pressure for the last few days.

And, for the second time in recent months, it cut the Federal funds rate by a quarter of a percentage point.

The Federal funds rate will be cut by half a point.

The Federal funds rate edged down for the first time in 15 months.

At the same time, the Federal funds rate on loans between banks was also up slightly, to just above 8 1/4 percent.

For the last three decades the real Federal funds rate has averaged about 2 percent.

They have already taken back two, pushing up the Federal funds rate to 5.25 percent.

The Federal funds rate is also closer now to 7 percent.

"We don't expect anything more than a cut of 25 or perhaps 50 basis points in the Federal funds rate," he said.