Word: levelling
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Dates: during 1940-1949
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Along with the Christmas bills, the U.S. people got an unhappy New Year greeting: living costs at the start of 1948 will probably be above 1947's record levels. Last week the Bureau of Labor Statistics reported that consumer prices reached a new high in mid-November. The level was 8% above a year ago, 24% above mid-1946, 67% higher than at the war's start in 1939. A 2% lift in wholesale prices since November indicated new consumer price peaks...
...only known barrier to speed in the air has been pierced. This week the U.S. Air Force was ready to announce that a piloted airplane had broken through the transonic danger zone and that three Americans had flown faster than the speed of sound (760 m.p.h. at sea level), faster than any men had ever flown before...
...point: technically, neither was being barred for his views, but for running afoul of U.S. immigration laws. The Herald Tribune thought the dispute a needless blunder: "Two or three telephone calls, made in time, would have cleared [it] up." But by the time it had reached the policy level of the State Department, whose lower levels should have caught it first, it was not that easy. The whole system of U.N. accreditation, the U.S. felt, needed "drastic revision...
Businessmen were not too worried. FORTUNE'S semi-annual poll of 28,200 top executives found some 60% expecting the boom to continue at the present level or even higher in 1948. Only 37% expect a moderate downturn (last May 74% expected a slump by year's end). Some 90% expect to keep their present payrolls or boost them. Almost none expects to lower prices in the next six months...
...bonds whenever necessary to keep up their prices, decided that they were too high. The long-term bonds have been selling anywhere from one to three points above par. When the Federal Reserve Banks stopped buying, prices promptly dropped. Although Federal Reserve was mum on the new support level, Wall Streeters guessed that it might be just a shade above...