Several big banks lower their prime rates to 11%

Several major US banks reduced their prime interest rates by half a percentage point Tuesday, to 11 percent, the lowest level in more than two years.

Morgan Guaranty, the fourth-largest bank, fell into line with Chase Manhattan , which began the latest round of reductions Dec. 28. Also following were Chemical Bank, First National Bank of Chicago, Citibank, and BankAmerica.

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