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Market Mover: Rumor of Increase in Discount Rate
Stocks have moved lower in response to a rumor that the Fed will increase the Discount Rate again after the close today.
The Fed previously raised the Discount Rate by 0.25% to 0.75% after the close on Thursday, February 18th.
Recall that the Fed made it clear that such moves do NOT represent a change in monetary policy.
A Federal Reserve spokesperson says the Fed does not comment on rumors.
The Dow has fallen 40 points on the rumor and dollar has rallied against the Euro.
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