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June 30, 2004
THOUSANDS FLEE WALL STREET AS INTEREST RATES RISE
The Federal Reserve raised its target for a key interest rate by a quarter-point Wednesday, starting a panicked frenzy amongst Wall Street-types that lead to thousands of bankers, traders, and accountants wildly fleeing downtown Manhattan and leaving it in a state of absolute bedlam. The move by the Fed has
started what is expected to be a cycle of rising interest rates that effectively pulls the plug on the cheapest credit in decades. One eyewitness to the scene reported the situation to be very similar to Pamplona, referring to that Spanish town's annual festival known as 'the running of the bulls'.
Related: Fed Bumps Up Rates A Quarter-Point
June 30, 2004 in The Pavement.com | Permalink
