Following the bursting of the “Dot-Com bubble” ten months previous, the Federal Reserve Open Market Committee cuts its target for the Federal Funds Rate (the rate commercial banks charge each other to maintain their fractional reserve requirements) reducing it from 6.5 to 6.00%, and the Discount Rate (the rate the Federal Reserve System of central Banks charge member-commercial banks to borrow Federal Reserve Notes (Bills of Credit)) 6.00 to 5.5%

       Postscript: The FRMC over the course of the next two and a half years cut these rates 13 times, lowering the DR to 0.75% and the FFR to 1.00%—the lowest they had been in 45 years.

       [restored 6/12/2023] Thanks to Freedom’s Phoenix for this entry.