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Article: US Fed raises federal funds rate to 2.75 percent
- Article from:
- Xinhua News Agency
- Article date:
- March 22, 2005
CopyrightCopyright 2005 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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US Fed raises federal funds rate to 2.75 percent
WASHINGTON, March 22 (Xinhua) -- US Federal Reserve decided
Tuesday to raise the federal funds rate, the interest commercial
banks charge each other on overnight loans, by another quarter
percentage point to 2.75 percent.
The rate increase in the key short-term interest rate marked the
seventh consecutive time the central bank moved to tighten money
supply since last June, when the federal funds rate stood at a 46-
year low of one percent.
The decision was made at a regular meeting by the Federal Open
Market Committee (FOMC), the Fed's policy-making body. It also raised
the discount rate by the same amount to 3.75 percent.
In its brief ...