Word: hiked
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Dates: during 1950-1959
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...affected by what he does, few under stand how he does it. To most credit users the operations of the Fed are as incomprehensible as the Eleusinian mysteries. Basically, the Fed operates on three main fronts: ¶ One of the quickest and easiest ways of tightening credit is to hike the discount rate, the interest that the Federal Reserve charges member banks for short-term loans. This tends to raise commercial interest rates and discourage marginal borrowing. In the past 17 months the FRB has raised the discount rate six times, boosted it to the highest level (3%) since...
...anticipated (TIME, Aug. 27), the Federal Reserve Board in midweek followed the commercial banks' lead by authorizing five district banks (New York, Chicago, Philadelphia, Richmond and Cleveland) to hike discount rates for the sixth time in 17 months. The discount rate-the basic charge to member banks for short-term loans-is expected to reach a uniform 3% (up from 2¼%) at all Federal Reserve Banks this week, raising the banker's cost of borrowing to a 23-year high...
Clear Road Ahead. The hike in discount rates was intended not only to cool off the demand for credit but to ease down on inflation. The FRB moved none too soon. The Government announced last week that the cost of living jumped 0.7% for the second straight month in July, setting a new record (17% above the 1947-49 level). Moreover, the upsurge, paced by bigger-than-seasonal rises in fruit and vegetable prices, promises to take another bite out of the dollar. As a result of the cost-of-living increase, 1,250,000 union workers will automatically receive...
...Last week another big fare boost loomed for the embattled passengers. The Pennsylvania and the New York Central, which together move 27% of all U.S. passengers, are trying to get the rest of the nation's passenger lines to join them in asking for a first-class-fare hike of 33⅓% to 50%. To many experts it looked as if the Pennsylvania and Central were deliberately trying to price themselves out of the first-class market and drive first-class passengers to the coaches or to competing airlines...
WESTERN UNION RATES on domestic telegrams will go up July 29 unless FCC blocks boost. To meet increased costs, Western Union plans to hike rates 5? to 15? for each telegram going farther than 125 miles, thus collect an additional $11.4 million yearly...