Business & Finance: Deals & Developments

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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