Word: openly
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Dates: during 1970-1979
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...during that meeting, reports TIME Washington Correspondent William Blaylock, that Volcker decided nothing short of decisive action would do: "Upon Volcker's return to Washington, following a brief appearance at an International Monetary Fund conference in Belgrade, he immediately instructed his staff to draw up a list of options open to the Fed. The short-term goal would be to prevent a further dollar slide abroad, but long term the objective would be to puncture the inflation psychology of the nation as a whole. As many as 20 staffers were ultimately involved in the brain-storming sessions, and economists from...
...quickly pushed interest rates far beyond the target that the Federal Reserve had set. For instance, interest on six-month Treasury bills, which is used as a guide for regulating interest on certain bank deposits, would have leaped alarmingly. To keep money markets stable, the Fed's so-called Open Market Desk in New York was forced to begin making more and more money available to banks in order to satisfy demand for funds. Indeed, though the Fed's own inflation-cooling monetary growth target was 4.5%, which is just about right, the Open Market Desk's operations after March...
...requirements for offshore bank borrowings?went through smoothly enough, but the third presented a procedural problem. As a revolutionary change in Fed operations, the plan to focus day-to-day attention on actual money creation required not only board approval (which was given unanimously) but the support of the Open Market Committee, which comprises not only the board's governors but also five other representatives from the Fed's twelve regional banks. Just after lunch a conference call was arranged, unanimous support from the governors was secured, and at 2 p.m. both the White House and the Treasury were informed...
Even on a routine and relatively quiet day, the floor of the New York Stock Exchange is like an anthill that has been suddenly kicked open. Men in suits from Brooks Brothers and F.R. Tripler move briskly from booth to trading station, clutching slips of paper. Clerks in blue and tan cotton jackets flit about trying to keep up with orders. Messengers dart in and out of the trading area, while overhead, in symbols seemingly as cryptic as the writing that appeared on the walls of Belshazzar's palace, projectors display the quotations off the stock tapes...
...notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue before a long weekend. Who knows, we may be at war by Tuesday." There was no war, but the underwriters were routed nonetheless...