Business Services Industry
Federal Reserve raises interest rates to 1.5 percent, notes rise in oil prices.
Knight Ridder/Tribune Business News, August, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Aug. 13--Alan Greenspan, chairman of the Federal Reserve central bank, did not spring any surprises. US interest rates rose a quarter of a percentage point to 1.5 percent after a unanimous vote.
Wall Street -- which has been jumpy over the sharp rise in oil prices and last week's far worse than expected data on jobs -- took the news calmly.
The Fed noted that the sharp rise in oil had hurt the economy, a fairly inescapable conclusion with crude futures crashing through the $45-a-barrel barrier for the first time ever yesterday afternoon on the New York Mercantile Exchange.
That pain looks likely to continue, with concerns over Iraq and Yukos being...
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