11.   Applegate and others said that a quarter-point cut in the federal funds rate was already built into stock market prices.

12.   Another Fed funds rate cut is even rumored for June.

13.   As a consequence, the F.O.M.C. recognizes that the actual federal funds rate may be below its target on occasion in these unusual circumstances.

14.   As the Fed changes the federal funds rate, or the discount rate, banks tend to follow suit by adjusting their prime rate accordingly.

15.   At its next meeting this past Tuesday, the committee also decided to leave the federal funds rate unchanged.

16.   At the most recent meeting Wednesday, the policymakers again decided to leave the target for the federal funds rate on overnight bank loans unchanged.

17.   At the next meeting, held on Tuesday of this week, the Fed decided to leave the fed funds rate unchanged.

18.   At the same time, few analysts expect Fed officials to lower the federal funds rate on overnight bank loans at regular monetary policy meeting today.

19.   At this point it seems fairly safe to just plunk that money down and begin enjoying the considerable spread between money market and bond fund rates.

20.   Bankers generally expect mortgage rates to remain stable until the Federal Open Market Committee decides to alter its target for the federal funds rate.