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The committee said economic growth was moderate during the first half of the year. But it said the reduced availability of credit could intensify the current housing problems and restrain the economic growth. The policy makers also said that some inflation risks remain and will be watched carefully. The Fed’s action will help some homeowners and other borrowers. What is not clear, though, is how much it will do for many homeowners facing sharply higher payments. Their payments on adjustable-rate mortgages will still go up, though not as high as they would have. By the end of next year, an estimated two million or more holders of subprime loans will have their rates reset higher. These loans were made to people with weak credit histories. The Fed also cut its discount rate for direct loans to banks by half a point to five and one-quarter percent to increase their lending ability. The traditional opinion of borrowing from the so-called discount window was that is represented a sign of weakness. Stock markets rose sharply after the Fed cut interest rates. But not everyone was so pleased. Some experts warn that cutting rates could raise inflation. They also say it helps those who made unwise borrowing decisions.
全文为上面。。
其中：The Fed also cut its discount rate for direct loans to banks by half a point to five and one-quarter percent to increase their lending ability. 这句话不知怎么翻译。。
请教。。如果可以的话请把语法略带讲解下。。谢谢啦//