Federal Reserve trims key short-term interest rate; inflation seen under control
Article Abstract:
The Federal Reserve Board reduced the federal funds rate from 5.75% to 5.5% on Dec 19, 1995, citing low inflation as the reason for the cut. The move caused several major banks to cut their prime lending rates from 8.75% to 8.5%. The stock and bond markets rallied in response to the cut.
Publication Name: Facts on File
Subject: Business, general
ISSN: 0014-6641
Year: 1995
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Pharmaceutical giants' merger seen
Article Abstract:
Glaxo offered to acquire Wellcome on Jan 23, 1995, for 9.4 billion pounds, but Wellcome rejected the offer as too low on Jan 26, 1995. If the two companies did merge, it would create the largest pharmaceutical company in the world, with $12.2 billion in yearly global sales.
Publication Name: Facts on File
Subject: Business, general
ISSN: 0014-6641
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
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