Federal Reserve Raises Short-Term Interest Rates

By Jack Speer

Published May 3, 2005 at 12:00 AM EDT

The Federal Reserve again has boosted the cost of borrowing for millions of consumers by raising short-term interest rates. The quarter-point hike -- the eighth since June 2004 -- bumps a key bank lending rate to 3 percent.

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NPR

Jack Speer

Jack Speer is a newscaster at NPR in Washington, DC. In this role he reports, writes, edits, and produces live hourly updates which air during NPR programming.

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