Word: frb
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...Other forms of short-term commercial paper, such as 30-to-90-day notes, also dropped ¼% to 1¼%. But for small borrowers and for consumers buying on installments, there were few signs of lower rates. Unless these rates also start to fall soon, the FRB is expected to ease credit still further and force them down...
...last week eased the U.S. credit supply. To Reserve districts in New York, Chicago, Philadelphia, St. Louis and Minneapolis, Chairman William McChesney Martin and his governors gave permission to drop the rediscount another ½% (to 1¾%) on loans to member banks, and sliced bank reserve requirements. Thus the FRB released a potential of $2.7 billion in new credit into the nation's money stream...
...Partly, FRB acted to relieve a sharp $600 million drain on bank reserves caused by heavy purchases of gold by foreign nations, largely Great Britain, whose exchange position has improved dramatically in recent months. More important, the FRB was increasingly anxious to stimulate the lagging U.S. economy by making credit both cheaper and more plentiful...
...fact is that FRB's five-month campaign to ease credit has failed so far to cut interest rates appreciably. Though Federal Reserve banks have cut their rediscount rate 1¾%, only a few loan categories such as 90-to-180-day bankers' acceptances and short-and medium-term commercial paper have followed with similar declines...
Another indication that consumers were growing cautious came from an FRB report that installment buying dipped $435 million in February. Much of the decline was due to badly slumping February auto sales, when poor weather kept buyers out of the showrooms. With the push of hard selling (see Autos), sales were on the rise in March. But new-car inventories of 887,000 were so high that carmakers were not planning to step up production. Ward's Reports counted March production at 357,000 cars, predicted the same rate through the April-June quarter...