Federal Reserve Raises Interest Rate Charged to Banks
In its first move to adjust lending back to normality since 2008, the Federal Reserve raised its discount rate on Thursday and caught the attention of many a San Jose Bankruptcy Attorney. The one-quarter percentage point increase – raised from 0.50 to 0.75 will take effect tomorrow.
Not meant to be an across-the-board tightening of credit, according to Officials, this discount rate that has been at 0.50 percent since December of 2008, is instead meant to deter emergency borrowing by banks in lieu of other financial routes available to them.
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