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By Thomas Easton and Thomas Easton,Tokyo Bureau | September 21, 1993
TOKYO -- Faced with the worst economic slowdown since World War II and mounting evidence of deflation, the Japanese central bank cut its benchmark discount rate this morning to 1.75 percent from 2.50 percent.The reduction of the highly symbolic rate was hailed by government officials. Hiroshi Kumagai, head of the Ministry of International Trade and Industry, said the discount rate's cut to an historic low was appropriate given the economic problems.Following the announcement, stock prices rallied moderately on the Tokyo market, and the dollar strengthened, reversing the direction of yesterday's activity.
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NEWS
By Scott Calvert and Scott Calvert,scott.calvert@baltsun.com | April 21, 2009
OCEAN CITY - For the first time in its 50-year history, the Castle in the Sand Hotel in Ocean City is rolling back its rates. This summer, rooms will cost the same as in 2006, saving guests about $20 a night. "We just recognize that it's a tough time for everybody," general manager Carol Dickel said in an interview at the hotel with its trademark crenelated tower. Dickel says she has never been more "apprehensive" in her 14 years on the staff. Bookings for the summer have been decent but are softer than last year, and 2008 was hardly a banner season for the hotel - or for the town's vital hospitality sector.
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NEWS
By Ellen James Martin | November 7, 1991
For Mary Bell Grempler's Towson-based real estate chain, falling interest rates have always brought a spurt in home-buying activity.But not this year.So when the Federal Reserve Board cut its trend-setting discount rate yesterday, Ms. Grempler was unimpressed. "It's not the jump-start that we all want for the economy," she groaned.In an attempt to stimulate the flagging economy, the Federal Reserve cut the discount rate from 5.0 percent to 4.5 percent, the lowest level in 18 years. The drop in the discount rate, the interest the Fed charges commercial banks for loans, quickly translated into cuts in the prime rate charged by major U.S. banks and should soon exert downward pressure on many fixed and adjustable-rate consumer loans.
BUSINESS
August 26, 2008
Treasury bill auction sees interest rate drop WASHINGTON : Interest rates on short-term Treasury bills fell in yesterday's auction for the second consecutive week, with the rate on three-month bills falling to the lowest level in a month. The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 1.71 percent, down from 1.85 percent last week. An additional $27 billion in six-month bills was auctioned at a discount rate of 1.925 percent, down from 1.98 percent last week.
NEWS
By Thomas Easton and Thomas Easton,Sun Staff Correspondent | May 1, 1991
WASHINGTON -- Responding to continuing evidence of a contracting economy as well as receding fears of inflation, the Federal Reserve Board cut the discount rate, its most visible tool of policy, from 6 percent to 5.5 percent yesterday.The discount rate -- the rate the Fed charges on direct, short-term loans to banks -- is now at its lowest level since 1977 with the exception of an interval from August 1986 to September 1987. Yesterday's reduction is the third since December, suggesting an unusually aggressive approach by the Fed to use lower interest rates to reinvigorate business.
BUSINESS
By John E. Woodruff and John E. Woodruff,Tokyo Bureau | April 1, 1992
TOKYO -- As the nation's economy falters, the Bank of Japan cut its discount rate an unusually sharp three-quarters of 1 percent today, one day after the nation's Cabinet announced a $38 billion economic stimulation package.But most private economists said the steps would do little to reverse one of the most drastic economic slides Japan has experienced since World War II.The stock market, where traders had long waited to see whether the government and bank could reverse the decline, responded by falling even faster.
NEWS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | December 21, 1991
NEW YORK -- Will another interest rate cut provide the gusto to refloat a stagnant economy?The Federal Reserve Board yesterday decided to give it its best shot.In response to a continuing stream of bad news on business conditions, the Fed slashed the discount rate from 4.5 percent to 3.5 percent, the sixth cut this year in the interest the Fed charges member banks for loans.The 22 percent change in the trend-setting rate is the largest in U.S. central bank history, said Cary Leahey, an economist at Shearson Lehman Brothers.
NEWS
By Jon Morgan and Jon Morgan,Evening Sun Staff | November 6, 1991
The Federal Reserve Board, trying to prod the nation's sluggish economy, today slashed its key bank lending rate from 5.0 percent to 4.5 percent, the lowest level in 18 years.But don't expect the good times to rush back.Experts say federal lending rates may already be so low that further cuts will have a negligible impact. And while several major banks today lowered their prime lending rates, such moves do not guarantee immediate drops in rates that banks charge consumers for car loans and credit cards.
BUSINESS
By Sylvia Nasar and Sylvia Nasar,New York Times News Service 2/3 2/3 | January 18, 1992
The nation's spirits have yet to revive from last fall's recessionary levels, according to the closely watched University of Michigan Survey of Consumer Sentiment."
BUSINESS
November 8, 1991
The Federal Reserve Board's move in lowering the discount rate on loan interest to banks will not boost the economy, according to a majority of callers to SUNDIAL. Of 296 callers, 167 (56 percent) say the move will not help the economy, and 129 callers (43 percent) say it will.Of 295 callers, 190, or 64 percent, say they would not be encouraged to spend more if banks lower their consumer loan rate, while 105 callers, or 35 percent, say they would spend more.
BUSINESS
April 22, 2008
WASHINGTON - Interest rates on short-term Treasury securities rose in yesterday's auction, with six-month bills rising to their highest levels since early March. The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 1.320 percent, up from 1.060 percent last week, and $20 billion in six-month bills was auctioned at a discount rate of 1.680 percent, up from 1.380 percent last week. The three-month rate was the highest since the bills averaged 1.450 percent on April 7. The six-month rate was the highest since the bills averaged 1.810 percent on March 3. The discount rates reflect that the bills sell for less than face value.
BUSINESS
By Bloomberg News | August 21, 2007
Federal Reserve policymakers, who declared that inflation was their paramount challenge just two weeks ago, have been forced to make financial-market stability the trigger for changes in interest rates. By lowering the discount rate and issuing a statement conceding threats to the economy, Fed policymakers effectively ripped up the economic-outlook statement from their Aug. 7 meeting. The lowering of the discount rate Friday came after months of assurances that the subprime-mortgage crisis was contained.
BUSINESS
By Kevin G. Hall and Kevin G. Hall,McClatchy-Tribune | August 18, 2007
WASHINGTON -- The Federal Reserve's surprise cut in a key lending rate yesterday calmed roiling financial markets at least temporarily, but it probably isn't enough to eliminate fears that more bad news lies ahead. Consequently, interest rate cuts are likely in the weeks and months ahead, analysts said. The Fed cut its discount rate - what it charges banks for loans - from 6.25 percent to 5.75 percent. That sent the Dow Jones industrial average soaring by more than 300 points in early trading.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | December 18, 2005
Sure, there's nothing quite the same as having a loud, packed house for the holidays. There's always food cooking, young children giggling past bedtime and those intense feelings of family togetherness that you only get once a year. But for some folks, there is something to be said about staying in a hotel instead. You probably won't have to wait in line for a shower, you'll have your own space (and someone to pick up after you), and you won't feel as though you're imposing too much on relatives.
NEWS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 1, 2001
Responding in a "rapid and forceful" way yesterday to eroding consumer and business confidence, the Federal Reserve cut a key interest rate by a half percentage point for the second time in a month - and indicated that more cuts might be coming if needed to bolster the flagging economy. It's the first time in Alan Greenspan's 13-year tenure as chairman that the Fed has reduced the federal funds rate by a full percentage point in one month. "It was just what the doctor ordered," said Stuart Hoffman, chief economist for PNC Financial Services Group in Pittsburgh.
NEWS
By William Patalon III and William Patalon III,SUN STAFF | November 17, 1999
Worried that worsening worker shortages could spark damaging inflation, Federal Reserve policy-makers yesterday boosted a key interest rate for the third time since June, hoping to slow the economy from a gallop to a trot.And while the Fed hinted it wouldn't raise rates again this year, some economists say it's possible the central bank will nudge rates higher in February, the first time in the new year the bank's Federal Open Market Committee meets.The FOMC's final meeting of the year is scheduled for Dec. 21, but many economists doubt the Fed will risk adding to potential upheaval from Year 2000 computer problems.
NEWS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 18, 1998
The Federal Reserve Board cut interest rates yesterday for the third time in seven weeks to help boost fragile economies around the world and keep U.S. markets rolling.Economists applauded the move by the Fed's policy-setting arm -- the Federal Open Market Committee -- and they expect further cuts later this year and next year."This is not about the domestic economy," said Alan Levenson, chief economist at Baltimore-based T. Rowe Price Associates Inc."The domestic economy has been fine. The global markets are on the mend, and they wanted to keep it that way."
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