Word: gramley
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Dates: during 1980-1989
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Rather than disavow the Budget Director's comments, Bush told a news conference on Tuesday that "I can feel very comfortable with his sallying forth and saying that." While Darman's critique was not directed at Greenspan personally, former Federal Reserve Governor Lyle Gramley thinks the ploy may backfire. Said he: "The Fed cannot be seen as knuckling under to pressure from the Administration...
...short-lived and will be followed by renewed growth, a scenario that has them searching for metaphors. David Hale, chief economist of Chicago's Kemper Financial Services, characterizes the slowdown as an "output pause." Geoffrey Moore, an economics professor at Columbia University, talks of a "stutter step." Economist Lyle Gramley, a former Fed governor, says that by late 1990 the slowdown may be followed by a period of "economic refreshment...
People like Lyle Gramley, a former Federal Reserve governor who is now chief economist for the Mortgage Bankers Association, praised the Fed chairman for his decisive actions. But critics like Paul Craig Roberts of Washington's Center for Strategic and International Studies charge that Greenspan also helped cause last week's market disaster. They note that back on Sept. 4, Greenspan's first important move as Fed chief was to push successfully for a hike in the bellwether discount rate, the interest that the Fed charges on funds lent to financial institutions, from...
...indeed it was. But for investors, any increase in interest rates makes stocks less attractive, since higher returns become available for bonds, Treasury bills and other fixed-income securities. During the two trading days after the Fed announced its decision, the Dow Jones industrial average dropped 54 points. Admits Gramley: "A common problem is the markets do not understand Alan Greenspan's statements. He needed to express ((the Fed's decision)) more clearly...
...shared by small investors who have poured money into bond mutual funds. At the end of March, those funds had assets of nearly $310 billion, up from $142 billion at the end of 1985. The mortgage market was also hard hit by the rise in interest rates. Says Lyle Gramley, chief economist of the Mortgage Bankers Association: "Some people called it orderly panic in the bond market. In the mortgage market, it was disorderly panic." In just two weeks in April the average rate on a 30- year fixed-rate mortgage rose from...