Word: discountable
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Dates: during 1950-1959
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After 2½ years of tramping hard on the nation's credit brakes, the Federal Reserve last week lifted its foot. FRB Chairman William McChesney Martin Jr. and his board approved a cut in the discount rate from 3½% to 3% by Federal Reserve Banks in New York, Richmond, Atlanta and St. Louis. The remaining eight districts were expected to follow soon. Next day the stock market reversed its bearish decline of recent weeks (see below), and U.S. businessmen everywhere breathed a sigh of relief...
...narrow issue of measuring prices, the index is vulnerable. Food costs make up 30.1% of the market basket, but BLS does not check food stores on weekends, when most stores run their big sales and do most of their selling. BLS prices appliances in department stores, but not in discount houses, contends that discount prices are not really savings because they do not include delivery or service, although many discount houses now provide both. It asks auto dealers for an estimated selling price, does not check the deals that hard-bargaining buyers actually...
...signs that young Israel is beginning to feel some concern at its own religious rootlessness. Newspapers commented on the number of children at the High Holy Day services this year asking their fathers questions about the ritual. When two newspapers offered copies of the Talmud to subscribers at 25% discount, they were flooded with orders from parents whose children were badgering them for a copy of the Jewish Bible...
...whose cost-of-living index rose only 6% since 1953, while production increased 60%. With far fewer economic strains to contend with, Switzerland has held to a 5% rise. Britain has had a 16% rise in that time, now hopes its "hard pound" policy, expressed in courageously raising the discount rate from 5% to 7%, will finally check inflation, permit Britain to build up the gold and dollar reserves it needs to act as banker for the sterling area. In Asia, Japan has creditably held its inflation since 1953 to 9%, and recently the Bank of Japan, the government...
...weekly and service some 10% of all RCA television sets in U.S. homes. Relieved of the expensive burden of service, the franchised dealer can use his capital to buy in bigger lots at lower prices, and win back some of the competitive edge he has long given away to discount houses...