Fed Raises Interest Rate by Quarter-Point ; Bank Aims to Stem Rise in Inflation, Dollar's Decline Against Euro

The Washington Times › November 11, 2004

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Summary

The Federal Reserve, citing solid growth in jobs and the economy, yesterday raised interest rates for a fourth time this year even as the dollar fell to a record low of $1.30 against the euro.

The Fed's quarter-point increases in short-term interest rates have been aimed at stemming a pickup in inflation this year and bolstering the dollar, ensuring the United States remains an attractive place to buy and invest.

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Fed Raises Interest Rate by Quarter-Point ; Bank Aims to Stem Rise in Inflation, Dollar's Decline Against Euro

Without the flow of $1.8 billion a day in funds from overseas, the United States will not be able to continue financing its huge trade and budget deficits - a fact that Fed officials have shown a preoccupation with in recent weeks....

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