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Federal funds cost hits record
A rush of overnight borrowing among banks has pushed the daily federal funds market to a record level, with banks paying up to 6 percent rather than borrowing from the Federal Reserve at 4 percent. The shift affects financing costs for loans, business expansions, and consumer credit as funds move in response to short term liquidity needs.
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Dawson
Han- AP
NEW York
Federal
Webone Bank
Federal Reserve
Federal Reserve Banks
Federal Reserve Bank
Fed