Word: costlier
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Dates: during 1970-1979
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...essence, the board is trying to make credit scarcer and costlier without choking it off altogether. Loans are still available for a stiff price, but shortages are beginning to appear, and business borrowing is declining. Some Chicago banks will make loans only to longstanding corporate customers. A would-be new borrower is out of luck unless it happens to be a giant company. In July mortgage interest rates staged the fastest one-month rise ever and are now as high as 9% where state laws permit. Some S and Ls are raising down-payment requirements from 20% to as much...
Treasury Secretary George Shultz and Herbert Stein, chairman of the Council of Economic Advisers, cling to the fragile hope that consumers will simply refuse to buy costlier foods and thus slow price rises soon. Portents are not good, partly because of the sharp slowdown in beef production, which remains under freeze until Sept...
Scarcities of milk and other dairy products could develop by August. Herrell DeGraff, president of the American Meat Institute, predicts that beef supplies could well grow leaner and costlier by early winter. Cattlemen are avoiding oppressive feed prices by letting their steers fatten on grass, a process that takes about 90 days longer than grain feeding...
MONEY: Hoping to slow down the economy and restrain inflation, the Federal Reserve Board made credit costlier and tighter. The Fed raised the discount rate by ½%, to 7%-equaling the alltime high set in 1921. It also raised bank reserve requirements, which will make credit harder to get. These moves will certainly send up short-term interest rates. Banks will probably increase their prime lending rate to businessmen by ¼%, to a very steep 8%. The Fed acted in part because credit demand has been so great that the nation's money supply expanded at a dangerously high...
Crowding the freeways, chug-a-lugging ever costlier gasoline, the standard-sized (which is to say, huge) U.S. car becomes a little less appropriate every day. Though new car sales generally have dipped about 20% below last year's totals for the past two ten-day periods, compact and subcompact sales are up more than 20%. Latest figures show that their share of the U.S. market has increased from 22% only four years ago to 40% now. Ford Motor Co. Chairman Henry Ford predicts that small cars will soon take 50% of the market...