Word: fed
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Dates: during 1950-1959
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Morse was wrong. His lifesize Lafayette, is monumental and poignant painting. The craggy old marquis, looking not unlike a pork-fed Fernandel, towers against a symbolic sunset sky, his fist clenched beside the busts of his dead friends Franklin and Washington...
...Finance Committee, he insisted that inflation is the most critical economic problem facing the country, and that a rolling business adjustment is needed to avoid serious deflation. Said the A.F.L.-C.I.O., mirroring the views of some key Democrats: the Administration's tight-money policy, as enforced by the Fed, is "designed to hasten a recession...
...Bankers Trust Co. boosted its prime rate for loans from 4% to 4½%. Banks around the country soon followed. Two days later the Federal Reserve Board approved a boost in the discount rate by four of its twelve district banks from 3% to 3½%. The new Fed rates, highest since 1933, were designed to bring the Fed's scale more in line with commercial loan rates and to discourage bankers from borrowing from the Fed to increase their loans to clamoring private borrowers...
...Fed had hoped to put off its increase, the seventh since April 1955 (when the rate was 1½%) until fall to make it easier for the Treasury to refinance the $8.1 billion debt coming due in September and October. But the increase in prime rates, plus the fact that borrowings from the Federal Reserve system had soared from $553 million to $1 billion in one week forced the Fed's hand. This seemed solid evidence to the Federal Reserve Board that the real danger is still inflation-and the boom still has plenty of steam...
Such language suggests that Author Morris, who won last year's $1,000 National Book Award for The Field of Vision (TIME, Oct. 15), may be fed up with modest awards and cozy coteries of readers. In his eleventh novel, he seems to be aiming at a larger audience, possibly including those who read Playboy and Confidential. He may succeed, for he is an extraordinarily versatile writer. In The Works of Love, he sounded like Sherwood Anderson; The Huge Season rang with persistent echoes of F. Scott Fitzgerald; this time he handles sex and violence in the manner...