posted on Nov, 10 2004 @ 11:55 PM
8 days into the second term of President Bush, the Federal Reserve, led by Chairman Alan Greenspan, has increased the interest rate by 1/4 percent in
an effort to bring the country out of depression, which worsened after the terrorist attacks and two wars.
Fed policy-makers stuck to their view that future rate increases would be gradual. They said rates could go up at a pace likely to be "measured,"
retaining language contained in previous statements.
The Fed's current rate-raising campaign began in June with a quarter-point boost, marking the first rate increase in four years. The Fed bumped up
rates again by a quarter-point in August and September and then once more on Wednesday.
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While increasing the interest rates might be good news for the government, even though it is bad news of the consumers, it is also bad news for
inflation, which the Federal reserve board says is under control, in midst of high oil prices.
[edit on 11-11-2004 by Zion Mainframe]