Word: money
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Dates: during 1950-1959
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...world's wealthiest nation is booming at such a solid rate that the very measure of wealth-money-is harder to come by than in many months...
Bullish economic news generally tightens the money market, encouraging more borrowers to compete for the available supply. For the nation's bankers, home builders, corporations and consumers, the tightening means that they must pay more to get the money they need to make loans, build houses, expand industry, buy autos, appliances and TV sets. Money has been gradually tightening up since spring as the economy spurted to new highs; last week it got a heavy turn of the vise...
...present 4½. This will force the Government to do more of its financing through short-term borrowing (under five years), on which there is no interest ceiling. Result: the Treasury will have to compete with consumers and small businessmen for short-term funds, thus placing pressure on fhe money market, forcing up short-term interest rates...
...highest since the fall of 1957; it may go up to 4%. What the Treasury fears most is that its dependence on short-term financing will force yields on short-term paper above yields on long-term bonds, thus attracting many investors who might ordinarily put their money in long-term securities and forcing rates up even higher. Such a development during the next year would put Secretary of the Treasury Robert B. Anderson in the worst position of any Treasury Secretary since the 1920s in maintaining a market for Government securities. The committee's action, said Anderson...
...Treasury's troubles are a key part -but only a part-of the squeeze on money. Because of the new boom, there has been a large rise in business loans, which have soared from a recession low of $52 billion in May 1958 to $58 billion last month. Heavy Government financing ($13 billion deficit last year), a record volume of state and local fund-raising in the first half of 1959, and a jump in consumer credit have added to the competition for funds. Following the surge, interest rates on bank business loans in 19 major cities went from...