After an ugly Monday in global financial markets while the U.S. markets were closed and Asian stock markets plunging today, the Federal Reserve lowered the interest rate by 0.75% in an "emergency move for the first time since 2001." From the Fed's press release:

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets... more ›

• Today on the Gothamist Newsmap: Is there a bank robber hitting up multiple banks on the Upper West Side? There were robberies at 2438 Broadway and 59 West 86th St; there were also two separate police vehicle MVAs in The Bronx and Brooklyn; and a fatality under a train in Jackson Heights (it says A, but we'll assume it's the E).
• If any Wall Street types you know were depressed yesterday after the Dow lost 280 points, they'll be happier today: The Dow gained almost 250 points in a rally and Nasdaq had its biggest rally in a year (thanks to speculation that Apple will introduce new iPods before Christmas).
• Just in time for the start of school, a federal judge upheld the city's ban on metal bats during high school games. The law hits the books Saturday and groups opposing the ban have yet to decide if they're going to appeal.
• Also in time for school: Almost half of NYC teens have had sex: More than two-thirds use condoms, while only 8% use birth control pills.
• Quinnipiac pollster Mickey Carroll talks to The Politicker about Spitzer's scandal ("It's crazy!").
• Stop dreaming about your home fix it's and make them happen: Brownstoner is having a Salvage Fest on September 8.
• The 12-year-old girl hit by a stray bullet in Crown Heights was back playing with her friends yesterday.
• Robert A.M. Stern Architects will be designing the George W. Bush Presidential Library.
• Finally, a note to all aspiring gangsta rap parody artists. Don't film the video at the grocery store you work in like a pair of brothers in New Jersey did. That will get you fired.

more ›

• Today on the Gothamist Newsmap: A murder-suicide on East 176th Street in the Bronx, a confined space rescue at 680 Fifth Avenue in Manhattan and a sexual assault at Victory Blvd & Bay St. in Staten Island
• Breaking: The city and families of September 11 victims have worked out a compromise for this year's anniversary events; the city will allow families to enter the pit at Ground Zero.
• The Dow dropped 387 points today - causes included worries about funds and subprime lending.
• Lenora Fulani repudiates her 1989 remarks calling Jews "mass murderers of people of color" and thinks about running for mayor in 2009.
• After three women rejected three Staten Island guys, the guys allegedly bashed in the ladies' car windows, possibly confirming why the women rejected them in the first place.
• The John Travolta connection to yesterday's tornado.
• Yankee pitcher Roger Clemens is being suspended for five games, after intentionally drilling a Toronto Blue Jays player. Question 1 : Will the Yankees have to pay him for those missed games? Question 2: Did you see him on Mythbusters' Baseball Myths show last night?
• Since the Money Honey loves the fur coat she wears in More magazine, PETA calls her "morally bankrupt"
• Police arrested the man accused of stabbing a Brighton Beach father on his way home from buying milk.

- And you have until midnight to file your taxes, New Yorkers! more ›

- The Staten Island Ferry assistant captain who piloted the ferry that crashed into the pier, killing 11 and injuring over 70, was sentenced to 18 months more ›