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Banks Hike Prime Rate To Choke Off Demand
NEW YORK. Banks raised the prime rate by a full percentage point to curb rising demand for business credit as prices for phthalate plastics and other chemicals surged. The move aimed to push borrowers toward money markets while warning of higher consumer prices later this summer. The stock market slid as unemployment trends showed slower growth and the economy faced inflation risks amid government talk of a surtax.
MENTIONED IN THIS ARTICLE
New York
Barrowers
Osuine
Ose
Palse
Nixta
Mary Tibor
Monte Tis
Bureau At Labor
Secratary
Treasury
David Kennedy
Warnines
Kenedy
William Me
Chests Martin
Federal Reserve Board
Martin
Dan Jones
Wendy
ITS. Steel
Malion
UES
Department of Hration
Atia Steed
Elas
Var
Fay