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CHARLOTTE — Wachovia Corp. said Wednesday it lowered its prime lending rate to 4.5 percent from 5 percent.
The cut in the prime rate matches the 0.5 percent rate cut in the fed funds rate which the Federal Reserve Board announced earlier in the day.
The prime rate usually moves in lockstep with the fed funds rate, which is now 1.5 percent. The prime rate is often used for consumer loans such as car loans and home equity loans.
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