Word: beene
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Dates: during 1970-1979
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The inflation outlook offers no reason for the Fed to pull back. Last week Carter's anti-inflation czar, Alfred Kahn, admitted that his earlier hopes for the nation to be out of double-digit inflation by next spring have been eliminated by increases in oil prices and mortgage...
Money to buy condos or co-ops is becoming costlier and harder to find, of course, but the impact of the squeeze has so far been modest. In Chicago, the Baird & Warner real estate firm reckons that October condo sales were 6% ahead of the same month last year, but...
Wall Street's bond market traditionally has been the haven for little old ladies with poodles. Unlike the frantic gold or stock exchanges, the "fixed income market" was as relaxed as a Norman Rockwell painting. On a normal day, prices might change one-sixteenth of a point.
No more Since the Federal Reserve constricted money, bond trading has been more Jackson Pollock than Rockwell. Says Merrill Lynch Vice President Peter Goldsmith: 'This has been the worst period the bond markets have ever experienced.
Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros...