Interest rates falling

February 01, 1991

First National Bank of Chicago cut its prime rate today to 9 percent after the Federal Reserve Board announced it was lowering its key bank lending rate from 6.5 percent to 6 percent, effective immediately. It was the second drop in the benchmark rate in five weeks. The Fed dropped the rate from 7 percent to 6.5 percent Dec. 18.

The government also said today that the unemployment rate in the United States climbed to 6.2 percent in January, its highest level since 1987, adding 115,000 Americans to the jobless rolls.

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