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

Owen DB/Black Star/Newscom/File
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.

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.

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.

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