Rate: Increases to 13 percent
The details: The Fed gradually boosts the federal funds rate from late May to mid-July to 13 percent in an effort to curb inflation during a recession mainly triggered by soaring energy prices. The U.S. unemployment level hits 7.2 percent by the end of the year.
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Remember the wise decision that Bank of America made in August 2001 in light of the decision it's making now.
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