NPRFed Raises Bank Loan Rate
February 20, 2010 |12:02 | Banks By : Team X
The Federal Reserve says improved financial market conditions allowed it to raise a key short-term interest rate. Officials are raising the discount rate by .25 percent to a still exceptionally low .75 percent. The discount rate is the rate at which banks can borrow directly from the Fed on a short-term basis. It's the first time the Fed has increased the discount rate in more than three years.
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