Press Release-FOMC Statement-September 18, 2007

Ugh.

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4-3/4 percent…

In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 5-1/4 percent.

What happened to “no pain, no gain?”

UPDATE: Jim Rogers and Marc Faber are calling for pain nonetheless, covering generally the same points made yesterday. The Fed clearly chose the easy route, and everyone’s happy (for the moment).