Great ...Bush's economy is really something to be desired, isn't it?
WASHINGTON, Dec. 14 - The Federal Reserve raised short-term interest rates on Tuesday for the fifth time this year and suggested that more rate increases are in order in the months ahead.
As expected, the central bank raised the federal funds rate on overnight loans by a quarter point, to 2.25 percent, and reiterated its intention to raise borrowing costs at a "pace that is likely to be measured."
The decision was a milestone of sorts, pushing the overnight lending rates in the United States above those in Europe for the first time since March 2001.
It also came just hours after the news that America's trade deficit shot up 9 percent in October to a monthly record of $55.5 billion, adding to anxieties among investors about the possibility of a sharp plunge in the foreign exchange value of the dollar.
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http://www.nytimes.com/2004/12/15/business/15fed.html?th