Word: costlier
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...Costlier for Consumers. The rising cost of credit is beginning to affect consumers as well as businessmen. In California, the giant Bank of America and several savings and loan associations lifted their minimum interest rate on home mortgages from 7¼% to 7½%. At week's end Manhattan's First National City Bank increased by one-fourth of 1% its charges for auto, consumer and home-improvement loans. The true annual interest rates on some personal loans rose to more than...
...lately by the stock market. Brokers normally count on a year-end rally, and they have been disappointed only six times in the past 41 years. Last week was one of those times. Mostly because of the Federal Reserve Board's recent moves to make money scarcer and costlier to borrow, the latest slump in stock prices stretched out to a full month...
...trend toward tighter and costlier money-combined with expectations of continuing inflation-portends trouble in the U.S. securities markets. Bond dealers are afraid that even the high yields on fixed-interest securities are too low, relative to the rate of inflation. These dealers figure that they may have a tough time floating the issues that industry needs to expand and modernize. With somewhat less justification, stockbrokers worry that investors will switch out of stocks and into bonds because the difference in yields is so enormous. This month, the average yield on Triple-A corporate bonds climbed to 6.47%, while...
...fiscal year ending this June. Unless taxes are increased fairly soon and sharply, the Government will pull $17 billion more out of the capital market in the first six months of 1968 than in the first half of 1967. In consequence, capital is likely to become still costlier and scarcer; money tightness has already begun to crimp construction...
...experts considered it inevitable that the momentum would decrease in the second half. Altogether, businessmen facing higher taxes and costlier credit will be spending about $85 billion on new plants and equipment by year's end-little more than they invested last year. The G.N.P. will grow 7.5% from an estimated $784 billion to $842 billion on a seasonally adjusted basis, but only half the increase will be real. The rest will be higher prices caused by what NICB Economist Martin R. Gainsbrugh* described as a move "from creeping to cantering inflation" and due directly, the economists agreed...