Word: gramley
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Dates: during 1980-1989
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Economists generally believe the mortgage shudders are unlikely to become a long-term trend. Contends Lyle Gramley, chief economist for the Mortgage Bankers Association of America: "There is no reason for interest rates to continue going up. That would slow the economy so much that the run-up wouldn't be sustained." But the abrupt halt to the flow of ever cheaper mortgage money might handicap an otherwise healthy homebuilding industry. Last week the Commerce Department reported that housing starts during March fell to an annual rate of 1.77 million, a 3.2% drop from the previous month...
President Reagan will soon nominate two new members to this elite group and possibly change the course of monetary policy. Lyle Gramley resigned from the board last week to become chief economist of the Mortgage Bankers Association. In January Partee's term will expire, creating a second vacancy. When those two posts are filled, Reagan, who has already named Martin and Seger, will have picked a majority of the board. Since Federal Reserve governors serve 14- year terms, the board will bear the President's stamp long after he leaves office...
...departure of Gramley and Partee could possibly weaken the Federal Reserve's inflation-fighting resolve. The board during the past year has been divided into hawks, doves and owls. Gramley and Wallich were the hawks. They have been especially concerned about inflation and have occasionally voted for a more restrictive monetary policy than Volcker wanted. Martin, Seger and Rice have been doves, sometimes voting for faster money growth. Volcker and Partee were the owls in the center, favoring a moderate course. The appointment of Johnson and another Reagan loyalist might give the doves a stronger hand...