Federal Reserve Board policymakers did not have foreknowledge of the scandal revealed at Societe Generale when they made an emergency interest rate cut early Tuesday morning, a Fed source said Thursday.

The Fed source said that the SocGen problems, which reportedly resulted in a $7 billion loss for the French banking giant, did not influence the Federal Open Market Committee decision to cut the federal funds rate by 75 basis points and said that the FOMC would have made the rate cut regardless of the development.

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