Word: discounter
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Dates: during 1960-1969
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...before the board finally acted to tighten money-to persuade the Administration to go along. After that, according to secret minutes also disclosed last week, the Reserve Board on eight separate occasions between July 15 and Sept. 2 last year rejected requests from Federal Reserve Banks to lift the discount rate from its present 41% to 5% or 51%. Not since 1957 had the board failed to approve such a request from one of its district banks...
Still, the bumpy rate cuts dramatically signaled an end to the pressures that last year drove interest in the U.S. to a 45-year peak. When the Federal Reserve Board hiked its discount rate from 4% to 41% in late 1965 to fight inflation, commercial banks lifted their prime rate in tandem from 41% to 5%. As loan demand soared, the prime rate moved up three more times by mid-1966-a 33% increase in eight months. Since September, the squeeze has eased -imperceptibly at first but lately significantly. Yields on 90-day Treasury bills have slipped to 4.54%, compared...
What really drives the stores to distraction is the customer who tries to return a gift bought from a competitor or at a reduced price in a discount house. Merchandisers tell the tale of one buyer whose pre-Christmas inventory totaled six toasters; the week after New Year's it had swelled to twelve. One New York City housewife has raised the technique to a high art. Each year her husband receives a gift box of Fabergé perfumes from the manufacturer. The lady returns it, bottle by bottle, to all the stores where she has charge accounts, thus...
...relief of bankers and business men, the Federal Reserve Board last week moved to ease the money market and increase the supply of lendable funds. The board canceled the terms of its hotly debated letter to banks on Sept. 1, which had shut off the Federal Reserve's discount window as a source of money for any banker who hoped to increase an already high volume of commercial loans. "Credit conditions have changed," said last week's notice from the seven-man board of governors headed by William McChesney Martin...
...Reserve decried the inflationary danger long before the Administration and most businessmen did, and Bill Martin, who values his independence more than his popularity, bravely took steps that the President openly criticized. At Martin's urging late in 1965, the Fed sought to defuse demand by raising the discount rate from 4% to 4½%. The discount rate is, in effect, the interest that the Fed charges to its member banks for borrowing from the Federal Reserve System. Because it is the rate upon which all U.S. interest rates are based, the Fed's hike effectively raised...