Word: kellner
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...term reached 18.5% and hit a bottom of 12.6%. David Levine of the Sanford C. Bernstein investment firm in New York City thinks that a slowing economy will curb credit demands. As a result, he forecasts, the prime rate could fall to 9.5% by next June. In contrast, Irwin Kellner, chief economist of New York's Manufacturers Hanover Trust, fears that rates are headed the other way. Reason: the Federal Government will be borrowing heavily to cover its budget deficit, which will be at least $165 billion in the fiscal year that began this month. The prime rate...
Critics charge that adjustable loans could lead to a wave of defaults. While some borrowers may have little trouble keeping up with the rising interest costs, others could find their budgets severely strained. "Many of these mortgages seem to be ticking time bombs," says Irwin Kellner, chief economist for Manufacturers Hanover. "They could start exploding in the face of homeowners and lenders alike...
Private economists agree. As Irwin Kellner, chief economist of New York City's Manufacturers Hanover Trust, points out, unemployment remains at 7.8%, well above the 6% at which labor shortages might begin to push up prices. Factories are operating at only 80.7% of capacity, so there is room before production bottlenecks occur that might create inflationary pressures...
Nobody knows whether the prime-rate hike signals the start of a new run-up in the cost of borrowing. Manufacturers Hanover's Kellner insists, "There is plenty of money out there. Loan demand only recently began to rise." Others see the prime rate continuing to climb, perhaps reaching 13% by year...
...time, tumbled to 10½% earlier this year and has remained there while the economic recovery has picked up steam. Some experts argue that Volcker had no choice but to let up; others give him high marks for good sense and good timing. Says Irwin Kellner, chief economist for Manufacturers Hanover Trust: "He squeezed the daylights out of the economy until it really hurt, but he was wise enough to know when...