Word: mcchesney
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...consumer might think that there is no end in sight to runaway prices. Yet last week Chairman William McChesney Martin Jr. of the Federal Reserve Board told Congress that the nation is "at the tail end" of its siege of inflation. "We're making slow and steady progress," Martin insisted. "There are indications that we may be getting to the end of very high interest rates." Maybe so, but last week interest rates on short-term Government notes jumped to still another record high. Example: 6½% on a $356 million issue of New York State tax-free notes...
Federal Reserve Board Chairman William McChesney Martin recently told Congress that high interest rates are "not a goal" of the Board's policy. He implied that he would be happy to see the economy lose enough steam to let rates fall. Still, there is scant chance that the Fed will ease its squeeze on money any time soon, if only because price increases are proving so difficult to arrest...
...board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor buying power disappeared, and stocks collapsed. This year the money supply has expanded at a modest annual rate of about 21% - just enough, FRB Chairman William McChesney Martin hopes, to accomplish "disinflation without deflation." There is no sign that the FRB will soon make money any easier...
...Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary David Kennedy put on yet another inexpert performance. At the beginning of the week, he and Federal Reserve Chairman William McChesney Martin met with 24 top bankers and, much to the disappointment of investors, failed to win any promise that bank interest rates will not be raised still higher. The next day Kennedy told the Senate Finance Committee that if Congress failed to extend the surtax, the Administration "may want...
Chairman William McChesney Martin of the Federal Reserve Board warned that without the surtax "we cannot succeed" in slowly controlling today's "critically serious" inflation. Sitting at his side, Treasury Secretary David M. Kennedy* declared: "The problem is much more difficult than I realized. We can't let this escalate into runaway inflation, and we're very close to that now." If Congress allows the tax to expire, he added, the economy could race far enough out of control to create "the possibility of a serious recession." To prevent that, Secretary Kennedy warned that the Government would...