Word: beene
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Dates: during 1970-1979
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The Eurocurrency market has been one of the most important financial innovations of the postwar era. By opening a vast new source of investment capital, it has furthered international trade and development. But the $1 trillion credit reserve floating free from national or international restrictions also breeds currency instability and...
Never had a clerical goof come at so inopportune a time. Less than a month after the Federal Reserve Board unfurled harsh new measures to whip inflation by holding down the money supply, chagrined Fed officials last week revealed that previously reported money figures had been overstated by $3 billion...
The Reserve Board insists that it puts little emphasis on weekly figures, which have always been subject to revision. But investors may logically wonder how the Fed can smoothly control money if its economists cannot be sure-within several billions-what the supply is from week to week.
The idea of investing in this money market is hardly new, but the minimum stakes are so hefty that trading used to be done only by rich people, corporations and institutions looking to park their idle cash. This discrimination has been ended by the swelling number of money funds that...
Fighting a rearguard action against the money funds, many bankers trumpet that their deposits are guaranteed by the Federal Deposit Insurance Corporation, and that money market funds are riskier. There is a slight risk, but since the funds are put largely into top bank and corporate securities, a number of...