The German central bank held rates steady at a policy meeting yesterday, after lowering a money-market rate on Wednesday.

For the first time since July 1994, the central bank said it had cut its intervention rate, which sets the floor on money-market rates, to 4.80 percent from 5 percent.

Private economists say the money-market rate could rise another percentage point, to 15 percent.

Analysts say they expect the Bundesbank to lower its 14-day securities repurchase rate, a key money-market rate, today.

The second major German interest indicator, the Lombard rate, which acts as a ceiling on money-market rates, has remained at 9 percent since February.

The Bundesbank left its discount rate unchanged yesterday, after lowering a key money-market rate Wednesday.

The Lombard rate, its ceiling for money-market rates, was also cut half a point, to 5 percent.

Those expectations were not dampened by a surprise increase in Germany's 14-day securities repurchase rate, an important money-market rate.

The Bank of England, the nation's central bank, cut its money-market rates and commercial banks followed, lowering their base lending rates to 12.5 percent from 13 percent.

Today the Bank of England reduced its own money-market rate by three-eighths of a percentage point, to 8 percent.