Do you remember where you were when the Fed raised the discount rate?

By , Guest blogger

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    Ben Bernanke, chairman of the US Federal Reserve, (shown here in 2009) raised the central bank's discount rate by a quarter point on Feb. 18.
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I love it!

The newswire/ blogosphere is going chocolate-covered bananas tonight over the fact that the Fed has at long last raised the discount rate by...wait for it...waaaaaiiitttt ffffoooorrrr ittt - 25 basis points. Seriously, from zero percent to just about zero percent.

After MONTHS of hints and winks and nudges that this would be necessary.

Recommended: Could you pass a US citizenship test?

Futures and currencies and bonds and old guys at the horse track are all in a tizzy.

We'll see how this plays out overseas and revisit in the AM. Vix call buyers rejoice. Matt Phillips has the details below.

Read Also:

http://blogs.wsj.com/marketbeat/2010/02/18/fed-raises-discount-rate-buckle-your-seatbelt/

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