Word: frb
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This was the carrot technique; bondholders would be modestly rewarded for holding on to Government securities. Was there a hidden stick? No one could tell until the terms and details of the new issue were announced. Nor did the +¼% sign which Treasury and FRB waved as a symbol of peace represent a final settlement of the differences between them...
...Federal Reserve Board should stop buying Government securities from banks at the present pegged prices. Reason: unlimited FRB buying gives banks more money for loans, disproportionately adds to the amount of cash in circulation...
...report put its finger on the key fact: in the second half of 1950, FRB purchases from banks of Government bonds rose by almost $3.5 billion. In that same period, bank loans rose by nearly $10 billion (20%). That, said the report, was the critical reason for high prices, and it rose directly from "the misconceived monetary policy...
Committee for Economic Development had spoken to the same effect. Marriner Eccles, most outspoken of the governors of the FRB, also stood for damming up the flow of money, but the FRB itself did nothing decisive; considering the imposing figures on the other side of the question, it kept its mouth timidly shut...
This week the Senate-House economic committee reported that 405 top U.S. economists whose opinions it had sounded had taken FRB's view...