Major Banks Slow to Lower Prime Rates
Although Federal Reserve interest-rate cuts have in the past spurred banks
to immediately lower their own prime rates, major institutions were slow to
take action after Fed Chairman Alan Greenspan on Wednesday announced the
latest in a string of rate reductions.
Concerns that the quarter-point drop in the federal funds rate to a 45-year
low of 1 percent would eat away at profits prompted banks such as Bank of
America and Bank One to wait until the close of financial markets on
Thursday to lower prime rates, which are the interest rates that banks
charge their best customers on short-term loans. Although long-term loans
such as fixed-rate mortgages are tied to the yield on the 10-year Treasury
note, home equity credit lines and other consumer loans tend to follow the
prime rate.
"The banks held out as long as they could, to see if they could get away
with it," said Joseph K. Morford, an analyst with RBC Capital Markets in
San Francisco.
Source: Los
Angeles Times
(06/27/03); Reckard, E. Scott
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