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No Immediates Changes Locally Rate Increase Casts Shadow Over Local Banks
As expected, major banks raise their prime rate to 6 percent from 5 amid market tightening. Local presidents say lending rates won’t immediately shift, with First National Bank noting no pegged prime and others adopting wait-and-see stances. Washington signals discretion on ceilings, urging caution to avoid counterproductive hikes.
MENTIONED IN THIS ARTICLE
New York Times News Service
Decatur
Washington
First National City Bank
New York
Mellon Bank
Pennsylvania
Gordon Jones
First National Bank
First National
First State Bank
Bill House
State National Bank
Billy Hunter
Nixon
Federal Reserve Board
Arthur F. Burns
Chase Manhattan Bank
Manufacturers
Hanover Trust Company
The
Chemical Bank
First National Bank of Chicago
First National Bank of Boston
Marine Midland Bank
Bank of New York