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Commentary
Canso 2004 Q2 Market Observer

The U.S. Federal Reserve increased the Fed Funds rate by .25%, as widely had been expected, at the end of the second quarter of 2004. This was the first increase in U.S. administered interest rates since the Dot.com stock market meltdown of 2000. There was little excuse for the Fed not to raise rates.

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Canso 2004 Q2 Market Observer