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>From TheStreet.com daily email:
After the Federal Reserve cut both the target fed funds rate and the
discount rate by 25 basis points Thursday afternoon -- with the fed funds
now at 5% and the discount rate at 4.75% -- several banks slashed their
prime lending rates. Chase (CMB:NYSE), Bank One (ONE:NYSE), Norwest
(NOB:NYSE), U.S. Bancorp (USB:NYSE) and First Union (FTU:NYSE) all dropped
their rates to 8% from 8.25%.
In other Fed-related news, the central bank said discount window borrowing
averaged $145 million a day for the week ended Wednesday. That level is up
from a total of $300 million in borrowing for the entire week ended Oct. 7.
The discount window is usually reserved for emergency borrowing by banks
faced with insolvency.
JW
abprosys@xxxxxxx <mailto:abprosys@xxxxxxx>
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