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RATE UPDATE: If Alan Greenspan is truly trying to drive up interest rates, he can take some comfort from data released last week by
his own agency. The Federal Reserve reported that the average interest rate on small commercial loans up to $99,000 jumped to 9.64%
in its first-quarter survey. That's up sharply from 9.26% in the previous quarter and 8.85% a year earlier. Rates on midsize
loans -- those up to $1 million -- posted a similar jump, rising to 8.85% in the first-quarter survey, up from 8.44% in the fourth
quarter of 1999 and 7.93% a year earlier. Rates tended to be higher at domestic banks, somewhat lower at branches of foreign-owned
banks. The survey reflects conditions in mid-February. Meanwhile, a separate survey of senior loan officers noted that bankers were
also tightening up on terms and other conditions.
JW
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