Chase, other banks up prime rate again

Chase Manhattan, the nation's third-largest bank, raised the prime lending rate it charges its most creditworthy corporate customers to 18 1/2 percent from 17 3/4 percent. Other major banks promptly did the same. The step was taken despite a $1.9 billion drop in the nation's money supply. Analysts said Chase made the move presumably because of rising costs it must pay for funds and concern tht surging rates will cause the economy to slump again. The 8 1/2 -percent level is one many economists predicted would be a peak, but a growing number now believe the rate could hit the record 20 percent level it reached last spring.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK