Yet markets for term funding, including commercial paper markets as well as the interbank markets, remained strained, and signs of broader financial stress persisted. On August 17, the Fed took further action when the Federal Reserve Board cut the discount rate – the rate at which it lends directly to banks – by 50 basis points, or 1/2 percentage point.
Upside and downside risks to the outlook for prices  These upside and downside risks to the outlook for economic activity may affect prices if they should materialize, but there are also upside and downside risks unique to price developments that could cause prices to deviate from the projection.