It's the first rate cut in four years and is clearly aimed at avoiding a recession. "Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,'' the Federal Open Market Committee said in its Fed-speak. As you might imagine, stocks are going nuts over the news (the Dow is up 177 points at last check). The federal funds rate, which banks charge each other for loans, is now at 4.75 percent. It had been at 5.25 percent since June 2006. Lots of coverage. (Bloomberg)