FED Raises a Quarter Point
30 June 2005The Federal Reserve raised the federal funds rate by another quarter-point today. The action pushed the rate up to 3.25 percent and marked the ninth increase in the interest that banks charge each other on overnight loans. The federal funds rate is now at its highest level since September 2001. When the Fed started its credit tightening campaign a year ago, the funds rate was at a 46-year low of 1 percent.
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