Biggest Rate Cut in Quarter Century

For those keeping score, the Fed's 75 basis point fed funds rate cut today was the largest single-day drop since 1982 when rates were slashed by 100 basis points three times.

Back then, moves like this weren't unheard of as the Volcker Fed wrestled with high inflation, sending the fed funds rate up to 20 percent in 1980.

The biggest previous cut in the discount rate, which was also cut 75 basis points today, was 1 percent in 1991.

UPDATE
A point of clarification: Some other sources are calling it the biggest cut since October 1984. The difference between the 1982 cuts and the 1984 cut was that the former took place on one day while the latter took place over 1.5 months.

Also worth mentioning, the federal funds rate was not the main focus of monetary policy until the early 1990's. Prior to that, growth in the stock of money was the primary target.

Extra: A time line of the fed funds rate since the early 90's.