Word: discounter
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Dates: during 1960-1969
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...From New York to Los Angeles, financial institutions splurged with big-sized ads offering the average saver a return of 4½%, 4.85%, even 51% . This growing struggle for savings is the most vivid result to date of the Federal Reserve Board's month-old boost in the discount rate and its simultaneous increase (from 4½% to 5½%) in the maximum interest that banks may pay on time deposits of 30 days or more. Some of the combatants seem distinctly unhappy-but the battle is on. Like the reward for saving, the cost of borrowing has shot...
...week in the Senate caucus room, where the Federal Reserve Board's old foe, Texas Congressman Wright Patman, had summoned Board Chairman William McChesney Martin Jr., four more of the seven board members and four other witnesses to four days of hearings about the Federal Reserve's discount-rate rise. The hearings changed no one's mind or position one iota, but they produced some clarification of the events that led up to the rate rise and considerably heightened speculation about President Johnson's choice to replace Vice Chairman C. Canby Balderston, the retiring member...
Three Memos. Bill Martin insisted that the Federal Reserve raised the discount rate only after full consultation with the President, Treasury Secretary Henry Fowler, the President's economic advisers and the budget director. "I indicated what the problems were, as I saw it. They did not agree with me." In fact, Martin gave the President a written memorandum in October giving reasons why he felt a discount hike would be needed, and Fowler and Chief Economic Adviser Gardner Ackley retaliated with memos contesting his reasoning. Martin felt that the discount rate should have been raised in September, believes that...
...fact that business plans to step up spending for new plant and equipment by 14% for next year's first half (to an annual rate of $59 billion) was a major cause of the Federal Reserve Board's decision to boost its discount rate from 4% to 4½% , and a major reason why Lyndon Johnson reacted so mildly despite his disapproval. Last week the National Industrial Conference Board told the Congressional Joint Economic Committee that costlier money will bring only a tiny cutback in those plans. Among the 1,000 largest manufacturing companies, testified N.I.C.B. Senior Vice...
...charge for lending to their 6,235 commercial bank members-to the highest level in 35 years. The financial community quickly adjusted to that new bench mark. As the other ten regional Federal Reserve Banks followed the lead of the New York and Chicago banks in adopting the higher discount rate, most commercial banks boosted their own prime rates-the amount they charge top borrowers for a loan - from...