Word: dampener
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Back home, the U.S. last week took steps to put its economic house in order. The Fed, to dampen the U.S. economy and provide some antidote to the balance of payments deficit, decided on an increase in the discount rate. The rate, which represents the cost to commercial banks of borrowing Federal Reserve money and thus affects their own rates to customers, went from 41 to 5%. The increase meant higher interest rates on loans, less available mortgage money and, just as the Fed intended, a hold-down on all but necessary spending because borrowed money would be more costly...
...seven active members (the U.S., Britain, West Germany, Italy, Switzerland, Belgium and The Netherlands) to assure orderly trading on the London gold market, which handles 80% of the world's bullion dealings. The pool appeared most likely to: - Ban gold trading on credit, a measure designed to dampen speculative buying by those who would rather not spend cash for outright purchases. >Forbid purchases on a future-delivery basis. Because of the U.S. pledge to maintain the price of gold at $35 an ounce, such transactions have meant virtually no risk for buyers, since there is a floor below which...
...even the joys of Christmas-partying could dampen his curiosity about Viet Nam. "I couldn't help contrasting it with the Christmas before," he wrote later. "As much as I was enjoying myself, I knew even then that I would have to return to Viet Nam. There are simply too many unanswered questions for me there, and I'll have to go looking for them...
...Johnson Administration has so far maintained a hands-off policy. As long as the strike is confined to just one automaker, said Gardner Ackley, chairman of the Council of Economic Advisers, it might "somewhat dampen" the nation's economic activity, but "its main effect will be to postpone production sales and incomes into later months...
...International Telephone & Telegraph has encountered stiff Justice Department opposition to its proposed merger with American Broadcasting Co. But that has failed to dampen ITT's ardor for picking up other corporations. Its latest morsel: Rayonier Inc., a $171 million-a-year manufacturer of pulp products. The communications giant also has a line out in hopes of acquiring Western Power & Gas Co., a public utility operating in 13 states from the Rocky Mountains to the Atlantic. - General Telephone & Electronics Corp., the nation's largest independent telephone system, stood to get even larger by agreeing to a $145 million stock...