The overnight rate had been averaging about 6.75 percent since May.

The overnight rate had already been slipping in the last few weeks.

Most central banks will announce the overnight rate once a month.

The overnight rate is the amount paid to the bank lending the funds.

Overnight rates hit 40 percent before the Government's action.

Investors appear to assume that the overnight rate will be about 3.75 percent by the end of this year.

The overnight rate for bank loans in the Federal funds market traded at about 8 1/16 percent most of the day.

The quarter point increase puts its benchmark overnight rate at 3.25 percent.

The average overnight rate per delegate in the Chester area is £30.

By late in the day, however, the closely watched overnight rate had fallen to slightly less than 6 percent.

The interbank overnight rate rose up to 150 percent on Tuesday.

The meeting had been widely expected to raise short-term rates, with the only real question the scale of the overnight rate increase.

The Fed has raised the overnight rate eight times in the last year, to 3 percent from 1 percent.

Overnight rates are a measure of the liquidity prevailing in the economy.

But the fears were not eliminated, as overnight rates for bank loans remained above 7 percent most of the day.

The rise in overnight rates for bank loans was seen as the start of a tighter monetary policy.

For the first 12 days of the bank reserve accounting period ending today, the overnight rate has averaged 6.69 percent.

Those increases doubled the overnight rate, from 3 percent to 6 percent.

The precise name of the overnight rate will vary from country to country.

The overnight rate for bank loans in the Federal funds market was around 7 1/2 percent earlier this month and late last month.

In recent weeks, the overnight rate has fluctuated around 8 1/8 percent.

The Fed has raised the overnight rate for loans between banks three times this year, each time by a quarter of a percentage point.

No other central bank would have nearly doubled the overnight rates without a sign of rising inflation."

The Fed has raised short-term interest rates seven times over the last 12 months, doubling the overnight rate among banks to 6 percent.

This in theory could mean that the overnight rate could fall effectively to zero.