Word: digitals
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Dates: during 1970-1979
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...least inflation will run below the double-digit rates of last spring, permitting the Federal Reserve Board to ease up on its pressure for higher interest rates. Right now, rates are still going up; major banks have just raised their basic charge on business loans to 9½%, from 9% in early summer and 8% at the start of the year. However, board members generally expect that interest rates will peak out before the end of 1978, and back down a bit next year. Nathan foresees declines of around a point on most borrowing rates, and a half-point or more...
Though the U.S. inflation rate has slowed a bit from its double-digit pace of the second quarter-wholesale prices actually dropped a trifle in August-President Carter and his economic advisers are under no illusion that they can claim any credit. Quite the contrary: consumer prices for the year are likely to rise 8% or even more, and the Administration is feeling public fury. As S. Lee Kling, chief deputy to Anti-Inflation Czar Robert Strauss, told fellow policymakers on returning from a trip, "You guys wouldn't believe what's happening out there. They...
...dipped 0.3% at wholesale in July, promising some relief at the supermarket checkout in coming months. The dip had been expected, however. Indeed, if it had not occurred, the U.S. would have been in a desperate inflationary jam: wholesale prices of other finished goods continued to jump at double-digit rates. At best, chances have only improved for holding consumer-price increases for the year to no more than the 7.2% that the Administration forecast. Says Alan Greenspan, a member of the TIME Board of Economists: "I think that the rate of inflation is slowing down from disastrous to merely...
...other hand, oil imports in this year's first half declined to 7.8 million bbl. a day-almost a 13% drop from the same period in 1977 -because conservation is working, and oil is arriving from Alaska. Carter also promised to counter the nation's double-digit inflation...
...Eager though he is to promote a steady 4% growth, Miller vows that he will not pour out enough money "to validate the present inflation"?that is, to make credit available to anyone for whatever purpose. If he does, he says, "you will have runaway inflation and double-digit interest rates." If he holds the growth of money supply within his target range of 4% to 6½%, Miller thinks, growth will continue while inflation will run out of monetary fuel. But there is always a chance that growth will suffer instead...