At about 8:15 ET Friday morning, the Federal Reserve reduced the discount window rate, which was 6.25% (a 1% penalty over the stated 5.25% Fed Funds rate) to 5.75% (a .5% penalty) for borrowing at the discount window. The most heartening thing about it is the reversal in worrying much more about the economy:

Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably. The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets.

Oddly, Bill Poole, who was saying just a couple days ago that there was no reason for a cut, is not listed as voting either for or against today's Fed move. It was just reported on CNBC that he had a scheduling conflict.