Word: marketed
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Dates: during 1970-1979
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...overly rapid growth in the money supply now that inflation is bumping back up to double-digit levels. The Federal Reserve's move toward tighter credit, while welcomed by businessmen who share Burns' concern about inflation, helped to dash hopes of a spring rally in the stock market. Having worried down steadily from its close of 1004.65 last Dec. 31, the Dow Jones industrial average dropped another 31.63 points last week to 898.83, its lowest level in 16 months...
Personalized Power. Burns' power is highly personalized. It does not stem entirely, or even mostly, from his position as chairman of the Federal Reserve's seven-man board of governors. In fact, Burns has only one vote on the twelve-member Federal Open Market Committee (FOMC), which actually sets monetary policy. A weak chairman could be outmaneuvered on the FOMC or the board, which handles bank regulation and some monetary policy decisions, such as the levels of bank reserves...
...Tuesday of each month. All the twelve Federal Reserve bank presidents are there, even if they are not members of the committee at the moment. Their aim is to agree upon a policy directive to be passed on to the manager of the Federal Reserve system's open-market account at the Federal Reserve Bank in New York...
...growth target for the money supply in the month ahead; it also gives the desired range for the so-called federal funds rate. This is the interest rate that one bank charges another for the overnight loan of money the borrower needs to have as reserves. The open-market desk manipulates the federal funds rate by buying or selling Government securities. When it buys securities, the cash it pays goes on deposit with a commercial bank, thus effectively adding reserves to the banking system and lowering the federal funds rate. Selling securities draws reserves out of the banking system...
Public Sale. Then, two weeks ago, Smith filed a registration statement for the public sale of about 2 million Avis shares (25% of the total), which have a current market price of about $15 a share. He had already disclosed that he would use all of the 3.7 million shares he controlled to support amendments to the company charter that make tender offers all but impossible. One proposal would allow anyone holding more than 20% of Avis stock to veto a takeover. Even after the sale of the 2 million shares, Smith will hold 22% of the stock...