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Fed’s Kohn: Banks Need to Prepare for Higher Rates
Friday, January 29th, 2010, 12:59 pm
Source: Wall Street Journal
Many financial firms may not be prepared for the interest-rate increases that will be needed as the U.S. economic recovery gains traction, the number-two official at the Federal Reserve said Friday.
Kohn
Fed Vice Chairman Donald Kohn said in a speech at the Federal Deposit Insurance Corp. that “many banks, thrifts, and credit unions may be exposed to an eventual increase in short-term interest rates.”
“In light of the uncertain course of interest rates, financial intermediaries face significant challenges in managing their interest rate exposures,” the top Fed official said.
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