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Fed tightens rates again as Wall Street reels under higher prime loans
The Federal Reserve raised the federal funds rate by a quarter point to 3.75 percent, with major banks Citibank and Chemical Bank lifting the prime rate to 6.75 percent. The Dow fell 41.05 to 3620.42 as bond yields climbed and analysts warned of further hikes ahead, amid inflation concerns and political scrutiny of policy clarity.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Wall Street
Citibank
Chemical Bank
U.S
Clinton
Fed
Robert Dederick
Northern Trust Co
Chicago
Federal Open Market Committee
Alan Greenspan
Congress
Greenspan
Laura Tyson
Council of Economic Advisers
Bruce Steinberg
Merrill Lynch
New York