Northern Trust - The Federal Reserve lowered the federal funds rate 25 bps to 2.00% and reduced the discount rate 25 bps to 2.25%. The Fed is ready to watch and wait. There were broad hints than the June24-25 meeting is likely to close with no change in the federal funds rate. Fed Presidents Plosser and Fisher dissented again and would have preferred to leave the federal funds rate at 2.25%.