News In Brief

Federal Reserve lowers discount rate to 8%

The Federal Reserve Board, moving again to stimulate economic growth, on Friday lowered its lending rate to banks and other financial institutions to 8 percent - the lowest level in six years. The one-half percentage point drop marked the second time in four weeks that the central bank has lowered its discount rate. The rate was 9 percent on Nov. 21, when the Fed cut it to 8.5 percent.