Fed Raises Discount Rate to 0.75% From 0.50%

http://www.cnbc.com/id/35465481

“I'm shocked. Completely shocked,” Todd Schoenberger, managing director of LandColt Trading said of the Fed’s move to raise the discount rate. “It makes me wonder if the CPI number coming out tomorrow is going to be just absolutely horrible—maybe they got wind of something,” he said.

The Fed also said that as of March 18 the maximum maturity for primary credit loans will be shortened to overnight. It also said it was raising the minimum bid rate for its term auction facility program from 0.25 percent to 0.50 percent and that the final TAF auction will be on March 8.