It lifted the ceiling rates of the call money market, short-term deposits, bills rediscounting, etc.

For months, the bank has signaled it wants to lift rates.

Some added, however, that investor anxiety over the dollar's drop could lift rates before then.

He believed that the Fed was aware of this danger and would lift rates by 0.5 percent.

He added that both nations may feel compelled to lift rates.

"The Bank of Japan may also take this opportunity to lift rates, although that seemed unlikely just a week or so ago," he said.

The central bank is thought likely to lift rates again in mid-May in a drive against any possible quickening of inflation.

By lifting rates, the President expects to raise $155 billion more over five years from the top 1 or 2 percent of American families.

Or should it lift rates, risking a slowdown in economic activity?

He said he was upset by the proposal to lift rates and was anxious to switch to cable service when it became available.