Week in Review

The Federal Reserve on Wednesday pushed short-term interest rates slightly higher, part of a campaign begun last June and expected to continue well into this year to keep inflation and the economy on an even keel. The Fed raised the target federal funds rate by one-quarter of a percentage point.

Tuesday

Two mega-mergers were announced: SBC Communications wants to acquire AT&T Corp. in a $16 billion deal, and insurance giant MetLife said it would buy Travelers Life & Annuity Co. for at least $11.5 billion.

Wednesday

An Eastern Washington University professor said it will take lots of money for the region’s universities to spin off viable high-tech companies through a process known as “technology transfer.” It takes roughly $65 million in research spending to result in the spinoff of just one company, said the professor, Harm-Jan Steenhuis.

Thursday

Google Inc.’s stock hit a new peak, propelled by the widening belief that the online search engine can continue to grow. Google’s shares closed above $200 Wednesday.

Friday

The board that runs the Spokane MarketPlace will close its operations later this month. The board hasn’t indicated whether it will resurrect the indoor arts-and-crafts market elsewhere.