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FEDERAL E S S E E 7 E BOARD STATESNT FOR TEF BiSSS For Immediate Release. 2:30 o ' c l o c k , p. ra. An .gust 7, Z-QHU, " X-hl2Q „ The Federal Reserve Board announces that the Federal Reserve Bank of New York has reduced i t s rediscount r a t e from 3i?/8 to 3CP on a l l c l a s s e s of paper of a l l m a t u r i t i e s , e f f e c t i v e August 8 t h .