Fed cuts discount lending rate as markets remain volatile

NEW YORK —The Federal Reserve’s decision in mid-August to cut a key lending rate was welcome news for restaurant operators already battered by weeks of steep losses and subsequent recoveries in the financial markets.

The Fed cut by a half-percentage point its discount rate on loans to banks “to promote the restoration of orderly conditions in financial markets.” The discount rate does not have a direct impact on consumers and applies mostly to banks that are

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