Word: discounts
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Inflation-zapper Alan Greenspan raised key interest rates by a whopping one-half of 1 percent today. The discount rate and the federal funds rate now stand at 4 percent and 4.75 percent respectively. (Both are rates that the central bank charges banks for loans.) Private banks dutifully took Fed chief Greenspan's cue and raised their lending rates as well.While a rate hike was anticipated, its magnitude was not: previously, economists pegged the increase to 0.25 percent. Today's action has the Democrats in Congress more than slightly peeved at Greenspan. And rightly so, says TIME's Business assistant...
...remarkable thing about the customers who filed in and out of Allman's Fashion Discount, a small Miami apparel shop, was that they never bought any clothes. Instead, say the police, they flocked to 17 cellular phones at the back of the store to call family and friends in Central and South America for just 50 cents a minute -- less than half the nighttime rate for standard phones. Even at that low price the shop's owners, who had rigged their phones to bill the calls to other people's numbers, managed to rake...
...Harvard will offer new volume discount insurance programs...
Television: Cast and clothes on Models Inc. look discount...
Despite the obvious fragility of the optimism, no one should discount the most heartening sign of all -- the fact that the mood of businessmen and investors is shifting, however delicately. The most unfathomable aspect of any upturn involves psychology: the more reasons people find to be hopeful about the economy, the more likely they are to act upon them. Economic indicators will flutter back and forth, but for the first time in years, the signs and statistics are drawing a sizable contingent of optimists...