Word: discounter
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Dates: during 1960-1969
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First, he will probably rely on the Federal Reserve Board to further tighten the money supply. Last week Board Member Sherman Maisel, a Johnson appointee who had voted against last December's increase in the discount rate, surprisingly called on bankers to hold back loans for excessive inventory buying or plant expansion. Still another rise in the discount rate is by no means out of the question...
...nation's most ramshackle major industry-housing-had hoped to rebuild this year, but it appears that the roof is still caving in. Reason: mortgage credit has grown scarcer and costlier since the Federal Reserve Board's recent increase in the discount rate. The board's overall purpose was to prevent inflation. But, the predictable side effect on housing of its move was to inflate prices and discourage buyers in a $25 billion-a-year business that has been slumping since late 1963, despite unprecedented prosperity throughout the rest of the economy. "The general tightening in mortgage...
...interest rates will cut housing back to a point even below last year's disappointing 1,500,000 starts. Federal Reserve Board Governor Sherman Maisel, who strongly opposed the rate boost, figures that the board's action will cut housing sharply. Some Washington officials predict that the discount-rate increase will eliminate 100,000 to 150,000 starts for a year...
...discount-rate hike might seem small to laymen-it rose from 4% to 4½-but the impact on housing is substantial. On a $20,000, 25-year mortgage, an increase of ½% raises costs by $6 a month, or $1,800 over the life of the loan. Conventional mortgage rates have already started to climb-to as much as 6¼% in San Francisco, Houston, Cincinnati and elsewhere-and are likely to rise a bit more. Hardest hit will be the Southeast, the Southwest and the Far West, which have to import much of their mortgage money from...
...minimum on commercial-bank certificates of deposit. Reserve Board Member Sherman Maisel cautioned bankers that raising interest rates on savings could prove "inefficient and dangerous." Nonetheless, the temptation seems likely to increase. It will take another three to six months before the full effect of the discount-rate increase filters through the complex U.S. economy...