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Fed Still Lukewarm About Cutting Reserve Rate
There was much ado in Jackson Hole, Wyo., this weekend about a 0.25% interest rate that the Federal Reserve pays to banks on money they deposit with the central bank. A number of people want the Fed to cut this rate on bank reserves as a way to spur lending and economic growth. The Fed, however, appears to be lukewarm to the idea. The subject of interest on reserves popped up again and again at the Fed’s annual retreat in Jackson Hole. In an interview with Dow Jones Newswires, St. Louis Fed President James Bullard raised the idea of pushing this interest rate into negative territory, meaning charging banks for the ... (full story)
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