Word: feds
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Dates: during 1970-1979
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...crack down on such borrowing, the Fed this month began requiring that banks in the U.S., including U.S. branches of foreign banks, keep 8% of their new borrowings from the Eurodollar market in reserve; thus they can lend out only 92½ of each new Eurodollar. But U.S. corporations have already found a way to avoid the regulations. They can borrow Eurodollars from a foreign bank at about 1% lower rates...
American officials argue that the international money has partially thwarted the Federal Reserve's attempt to slow U.S. inflation by limiting credit. When the Fed tightens money to restrict loans in the U.S., banks often bring back the funds from the Eurocurrency market. In the past six months $16.5 billion has flowed in, and even savings and loan associations now borrow Eurodollars to finance mortgages...
Never had a clerical goof come at so inopportune a time. Less than a month after the Federal Reserve Board unfurled harsh new measures to whip inflation by holding down the money supply, chagrined Fed officials last week revealed that previously reported money figures had been overstated by $3 billion. Instead of surging in the past two weeks, the money stock had actually declined...
...York's Manufacturers Hanover admitted to causing the error. The bank blamed employees' unfamiliarity with a new form used for deposit reports to the Fed. Despite its cluster of computers, the multinational giant was as fallible as any citizen trying to balance a checkbook...
...foul-up was not amusing to people who lost millions during October in stocks and bonds. When the overly inflated money numbers were first published, markets plunged for fear that the Fed would rapidly tighten credit and push up interest rates. The nation's central bank responded on cue by draining reserve funds from the banking system...