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Do you remember where you were when the Fed raised the discount rate?

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Owen DB/Black Star/Newscom/File

(Read caption) Ben Bernanke, chairman of the US Federal Reserve, (shown here in 2009) raised the central bank's discount rate by a quarter point on Feb. 18.

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I love it!

The newswire/ blogosphere is going chocolate-covered bananas tonight over the fact that the Fed has at long last raised the discount rate by...wait for it...waaaaaiiitttt ffffoooorrrr ittt - 25 basis points. Seriously, from zero percent to just about zero percent.

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After MONTHS of hints and winks and nudges that this would be necessary.

Futures and currencies and bonds and old guys at the horse track are all in a tizzy.

We'll see how this plays out overseas and revisit in the AM. Vix call buyers rejoice. Matt Phillips has the details below.

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