Word: frb
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...past, the FRB has often been accused of coming in with too little a push too late. In the 1957 recession, many businessmen felt the FRB eased credit after the damage was done. This year, with the economy perking along at a steady but unexciting pace, the FRB has been criticized for reining credit too tightly. While industrial production is affected by factors other than the discount rate, there is a notable correlation between the two (see charts). When credit tightens and the discount rate is increased, production tends to level off or diminish; after credit eases, production tends...
...Federal Reserve to support the market. They argue that this is simply funny-money financing. By supporting Treasury bonds, the Fed would, in effect, be pumping money into the economy, would lose control over the monetary system and take the U.S. down the road to real inflation. Says FRB Chairman William McChesney Martin: "The world now knows that, as the night follows the day, inflation follows any effort to keep interest rates low through money creation...
...More and more nations demonstrated that they are not interested in Russian borsch or communal Chinese gruel. Having tasted free enterprise, they are determined to sit down to the entire meal. The position of the U.S. was never stronger. But it would have to keep on exercising its leadership. FRB's Martin puts it flatly: "The U.S. faces the '60s with the world by the tail, with every opportunity to be a leader, provided that it is willing to engage in sound practices...
...Reserve made it clear that the steel strike would have a sharp impact on the overall statistics in the next reports. Only after the strike's effects have been weathered-and the worst are yet to be felt-will the economy get back to full speed ahead. Said FRB: "The underlying demands support the view that settlement of the strikes will be followed by a marked rebound in business activity...
...indexes seem greater than it actually is. Said Martin: "As the structure of the economy keeps changing, the job of combining measures of its many parts into a single index cannot be done without having to make major revisions every few years." With increasing use of electronic computers, the FRB hopes to reduce even more the time of assembling such information, thus lessen the lag between the economy's real growth and the stick that measures...