Hawai'i banks also cut rates

• Federal Reserve leads interest rate cuts

Associated Press

Hawai'i's financial institutions said yesterday they will lower interest rates effective today by one-half point in response to the Federal Reserve's announcement that it would cut a key interest rate for an eighth time this year.

Bank of Hawaii, American Savings Bank and First Hawaiian bank cut their prime lending rates from 6.5 percent to 6.0 percent. The prime is the benchmark for millions of consumer and business loans.