St. Louis Bank Boosts Prime Rate: Southwest...
From Times Staff and Wire Reports
St. Louis Bank Boosts Prime Rate: Southwest Bank of St. Louis, a regional bank that often sets the trend on commercial interest rates, raised its prime rate to 10.5% from 10%, reversing an action it took earlier this month. When the bank dropped its rate to 10% on Nov. 8, analysts expected others to follow its move. But major banks did not cut their prime rates, and recent signs that the Federal Reserve has not eased credit have made them even more reluctant to do so, economists said.
