Word: feds
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Dates: during 1980-1989
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Five weeks of anguish followed, during which Reagan worked behind the scenes to reorganize his conflict-ridden staff. Sears ended up trying to fire Ed Meese, his last important rival in the entourage. Finally fed up, Reagan discharged Sears and purged
...Fed is still groping for a handle on the money supply...
...alone in the attack. Both at home and abroad, critics are taking a hard and skeptical look at the U.S. monetary policy that Volcker introduced Oct. 6, 1979. As part of a program to defend the dollar and fight inflation, he signaled a significant shift in strategy. Previously the Fed had attempted to keep interest rates steady and certain, but that led to an overexpansion of the money supply. Under the new monetary strategy, which was immediately dubbed Volckerism, the Fed pledged itself to a tighter control of money growth and promised that it would let interest rates...
...rose from 15¼% to 20% by last April. The money supply then dropped precipitously, actually declining at an annual rate of 2.4% during the spring. At the same time, economic output dropped at a 9.6% annual rate, its steepest quarterly slump on record. Then in the summer, the Fed reversed course and began frantically pumping up the money stock. In the past three months, money growth has exploded at a 16.8% annual pace, and interest rates tumbled to a low of 11% in late July...
...Federal Reserve contends that the wide swings of money growth and interest rates will balance out to a moderate policy. Says Anthony Solomon, president of the New York Federal Reserve Bank: "Over a longer time frame, we think there is a good chance that the policy will achieve stability." Fed Board Member J. Charles Partee asserts that more steadiness in policy was impossible during such economic turmoil. Says he: "We couldn't really push stable money growth in the face of unstable conditions in the economy. That's not an option open...