U.S. prime rates fall
PA New York Three of the nation's largest banks yesterday reduced their prime interest rate by one-half a percentage point to 16 per cent, effective immediately. Third ranked Chase Manhattan Bank started the move and was quickly followed by the Morgan Guaranty and First National Bank of Chicago. Money market analysts expect the action to draw industry support after the S3OOOM plunge in the basic United States money supply reported late last Friday by the Federal Reserve Board. I Analysts said the drop in| money supply probably! would permit the “Fed” to' loosen its tight grip on; money supply and bring about a lower United States interest rate structure.
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Press, 10 March 1982, Page 23
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113U.S. prime rates fall Press, 10 March 1982, Page 23
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