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The Federal Reserve Board on Wednesday approved action by the Board of Directors of the Federal Reserve Bank of San Francisco, decreasing the discount rate at the bank from 1-1/4 percent to 3/4 percent, effective immediately. The Board also approved action by the Board of Directors of the Federal Reserve Bank of St. Louis, decreasing the discount rate at that bank from 1-1/4 percent to 3/4 percent, effective Thursday November 7, 2002. 2002 Monetary policy Home | News and events Accessibility Last update: November 6, 2002