WASHINGTON, Nov 6 (Reuters) - A balky fax in the U.S. Treasury pressroom helped send the usual sky-high anticipation that precedes a Federal Reserve interest-rate change into the stratosphere on Tuesday.
Action on the nation's trading floors ground to a halt as the usual 2:15 p.m. (1915 GMT) announcement time for the policymaking Federal Open Market Committee's decision came -- and went.
Phalanxes of anxious traders gazed frozen at their screens, anticipation on their faces.
It was another five minutes -- eons in the split-second world of securities trading -- before reports flashed across newswires saying the Fed was cutting interest rates another half-percentage point, its 10th reduction this year.
The reason for the delay was that the central bank, which transmits its decisions by fax to reporters under a strict embargo at the Treasury Department pressroom, could not get through on a pressroom fax machine.
A quick conference call between a Fed official and a reporter led to an executive decision -- try another fax.
The next machine worked. Copies of the Fed decision were quickly distributed, the traditional ringing of a ship's bell signaled the end of the embargo and the rate-cut decision was flashed to the world.
Trading resumed, with relief.
((Washington newsroom 202-898-8377, fax 202-898-8383))