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Federal Reserve Raises Inter-Bank Loan Rate, Increases Prime Rate to 9.5 Percent

Thursday, May 18, 2000 - 1:45AM

As expected, the Federal Reserve raised the inter-bank loan rate by a half point, spurring commercial banks to increase the Prime rate from 9 percent to 9.5 percent, at the board’s May 17 meeting. This marks the sixth time in just 11 months that the Prime rate has been raised in an effort to reduce inflation risk.

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