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| a calculus or concretion found in the stomach or intestines of certain animals, esp. ruminants, formerly reputed to be an effective remedy for poison. |
| a children's mummer's parade, as on the Fourth of July, with prizes for the best costumes. |
The rate of interest charged by the Federal Reserve System on loans it makes to the banking system.
Note: Because the Federal Reserve System lends money to the banking industry, one mechanism it has for regulating interest rates is to vary the discount rate — that is, to make the money that banks borrow relatively more or less expensive. It is likely to lower the discount rate during economic downturns to stimulate investment and raise it during upswings to check inflation.