Word: feds
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Dates: during 1970-1979
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...gossip and opinion about the unbankerly new Federal Reserve Board chief. Most of it squared with the impression that Taber had got during his first meeting with Miller, just after he took office in March. "It was disarming," he recalls. "He was running around the solemn corridors of the Fed with his coat off, tossing out ideas on fighting inflation and otherwise behaving unlike the typical wary central banker...
...same time, the cost of money ticked upward, reflecting both high demand for funds by business and the Federal Reserve Board's determination to try to hold down prices by curbing the growth of the money supply, which has been expanding rapidly since March. The Fed once again raised (to 7¼%) the discount rate, which is the interest it charges on loans to Federal Reserve system banks. Meanwhile, several large banks, led by New York's Citibank, raised their prime lending rate for top corporations by a quarter percentage point, to 9%, the second such increase...
...Chairman G. William Miller said that policymakers would be "walking through a very narrow valley in the next few months" and would need "tremendous skill" to avoid either another surge in prices or a quick slump back into recession, or perhaps both. Although Miller opposed his colleagues at the Fed on the need for another discount rate increase, he is persuaded that inflation is a more immediate peril than recession; he recommended that Congress postpone the 25?-an-hour increase in the minimum wage (now $2.65) that is set for next...
Treasury Secretary W. Michael Blumenthal quickly seconded the Fed chairman's appeal. By Miller's calculations, the increase could boost inflation by one-half of 1 % next year, as the higher wage costs in such businesses as restaurants, motels and supermarkets ripple through the economy...
...Federal Reserve's tight money policy is making a recession much more likely. In a forecast released last week, Economist Arthur Okun, a senior fellow at Washington's Brookings Institution, warns that a soft landing would be impossible in a "very soggy economy" and charges that the Fed's moves to push up interest rates are creating a "very severe risk of recession" later this year or early...