Recent US discount rate history: action date rate raise/lower(r/l) 3/7/86 7% --- 4/18/86 6.5% l 7/11/86 6% l 8/21/86 5.5% l 9/4/87 6% r (6wks before Black Monday) 8/9/88 6.5% r (record corp profits in '88 2/24/89 7% r and '89) 12/18/90 6.5% l 2/1/91 6% l four more rate actions, all cuts, then, the last: 7/2/92 3% l