Word: feds
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Dates: during 1980-1989
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FRAZZLED AND FED UP after six months in Paris, I finally decided to return to the States. I made the decision one sunny afternoon, treated a friend to an enormous last supper on the Left Bank that evening, and showed up at DeGaulle airport the next morning, 50 francs short of plane fare. I wired home for money...
That runaway expansion is forcing the Fed to make delicate decisions. Volcker could push interest rates up sharply to slow money growth, but that would risk aborting the seven-month-old recovery. A big jump in credit costs could also cripple the ability of such borrowers as Brazil and Mexico to repay their U.S. bank loans. "We're going through the moment of truth," says Republican Congressman Jack Kemp of New York, a leading critic of tight-money policies. "What the Fed does now will determine the fate of the economy for the rest of the year, perhaps longer...
...testimony, Volcker sought to reassure both those who worry lest the Fed overreact to the monetary growth and those who fear that it will do too little. He acknowledged that the Federal Reserve has been tightening over the past six weeks, and hinted that it will continue to do so. But he denied that the Federal Open Market Committee, the central bank's policymaking arm, had decided last week to clamp down hard on money. The day before Volcker testified, the twelve-member group completed a two-day meeting at which it determined guidelines for the next 18 months...
...Volcker indicated, however, that he would stay on for at least two years. Volcker believes that the four-year terms of the Federal Reserve chairman and the President should roughly coincide. By leaving in two years, he would allow the next President to name his own man to the Fed near the beginning of the term...
...interest rates will have an impact on Wall Street. The stock market's bull market of 1982 was set off when the Open Market Committee voted last August to ease Committee policy, and the market has been reacting nervously to rumors of higher rates. Investor fears that Fed tightening would boost interest levels caused the Dow Jones industrial average to drop 14.92 points last week, to close at 1192. The Reagan Adminstration, which fears that tight money could brake the recovery, has been making some clumsy attempts to influence the Federal Reserve's policy on interest rates. White...