Two Percent Rate. For the seventh time since the stockmarket crash of October 1929, the Federal Reserve Bank of New York last week lowered its rediscount rate. The new rate, 2%, is the lowest in Federal Reserve history, lower than the rate prevailing in any other government bank. Interpretations of the move were: it would assure Europe that bank failures have not weakened the confidence of the New York money market; it would show U. S. Industry that the Federal Reserve is definitely on the side of easy money, hence may spur a trade...
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