Fed cutting rates again as credit crunch intensifies

In an emergency move to prop up credit markets, the Federal Reserve cut the discount rate to 3.25 percent over the weekend and expanded the list of banks and financial institutions that can borrow money at that rate.

The Fed also announced Sunday that it was standing behind J.P. Morgan Chase's move to buy troubled investment firm Bear Stearns Cos by providing up to $30 billion in financing that protects J.P. Morgan from losses.

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