Business: Interest Rates Top Out

The rocketing rise of interest rates (TIME, June 10) has clobbered the housing industry, dried up funds for many companies and generally disrupted the entire economy. Last week it appeared finally to top out; indeed, banks' prime rate, or basic charge on business loans, began inching down. Manhattan's First National City Bank trimmed its prune a quarter of a point, to 11¼%, as did Southwest Bank of St. Louis and First National of Miami. Two Midwestern banks with the nation's highest prime rates also made reductions: Chicago's First National, from 11¾% to 11.6%, and Lansing's Michigan National, from 11¾% to 11¼%....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!