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Pastimes : ASK Vendit Off Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: avanti77 who wrote (17846)	1/4/2001 6:37:34 PM
From: DOUG H	Respond to of 19374

Prime has been a rock. siliconinvestor.com Citibank Cuts Prime Rate to 9.0 Percent Jan 4 4:19pm ET NEW YORK (Reuters) - Citibank, the banking arm of No. 1 U.S. financial services company Citigroup Inc. said it is cutting its prime lending rate to 9.00 percent from 9.50 percent, effective Thursday. The announcement follows the Federal Reserve's decision on Wednesday to cut the key federal funds rate on overnight bank lending to 6.00 percent from 6.50 percent. It was the first cut in the overnight lending rate for banks in more two years. The Fed last changed rates on May 16 when it raised fed funds by 50 basis points to 6.50 percent, capping 11 months of tightening monetary policy. Banks at that time raised the prime rate by the same amount to 9.50 percent. The Fed also cut the discount rate on direct loans to banks to 5.75 percent from 6.00 percent.