February 2010 
There are 1 blog entries for February 2010.
Fed raises rates! What does this mean?
Tuesday, February 23rd, 2010 at 12:21pm. 283 Views, 0 Comments.
The following is really important information I received courteously of Mike Farrell at Bank of America that I would like to share with all of you:
Hopefully you are watching the news or reading the paper daily. The economy continues to throw things out daily that have a direct impact on our customers and our business. Let’s discuss this:
In a rare intra-meeting move, the Federal Reserve increased the DISCOUNT rate from 0.25% to 0.75% late yesterday afternoon. The discount rate is the rate the Fed charges a bank for an emergency loan. This move was done to wean the banking system off of government credit and encourages them to borrow from private sources. The governing body cited improvement in the financial sector as the reason for the…
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