Fed raises interest rates
Northwestern Financial Review, Apr 15-Apr 30, 2005
The Federal Reserve's Federal Open Markets Committee raised the Federal Funds rate by 0.25 percent to 2.75 percent on March 22. It was the seventh consecutive increase since June 2004, when rates stood at 1.00 percent. The Fed said it is raising rates in a "measured" fashion, but added "pressures on inflation have picked up in recent months..." Many banks raised their prime rate to 5.75 percent.
Related Results
In a related action, the Fed approved a 25-basis-point increase in the discount rate to 3.75 percent.
Copyright NFR Communications Inc Apr 15-Apr 30, 2005
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