Smartmoney.com: Breaking News: Fed Hikes Rates 1/4 Point, Shifts to Neutral
Smartmoney.com: Breaking News: Fed Hikes Rates 1/4 Point, Shifts to NeutralBreaking News
Fed Hikes Rates 1/4 Point, Shifts to Neutral
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By Rebecca Thomas, Rebecca Thomas and Karyn McCormack
November 16, 1999
THE DEED IS DONE. The Federal Reserve has raised the federal-funds rate by 25 basis points to 5.50%. At the same time, the Fed issued a "neutral" bias, essentially indicating that its inclination is to hold off on raising rates again in the near future.
But in a surprising move, the Fed also lifted the discount rate — the rate it charges to member banks — by 25 basis points to 5.00%. Ethan Harris, senior economist at Lehman Brothers, says changes in the discount rate “can be interpreted by the market as a sign of whether the Fed plans to raise the [federal] funds rate in the future.”
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