The Fed's Board of Governors also voted to cut the discount rate, the cost of direct loans from the central bank, by 25 basis points to 4.75%.
Following is the press release issued by US Federal Reserve
The Federal Open Market Committee decided to lower its target for the federal funds rate 25 basis points to 4.25%.
Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks. Today
