Prime rate again hits record 20% in US banks

Chase Manhattan Bank raised its prime lending rate from 19 percent to 20 percent, matching the record-high rate set in March. chase, the nation's third-largest bank, was quickly joined by Manufacturers Hanover Trust Company, ranked fourth in the nation by deposits. Economists forecast an economic downturn, because the high rates will slow business activity. Sales of homes and cars have already declined as consuemrs found borrowing costs burdensome.

of 5 stories this month > Get unlimited stories
You've read 5 of 5 free stories

Only $1 for your first month.

Get unlimited Monitor journalism.