Word: overnighters
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...seemed at first; the rally that followed the Treasury-Fed announcement was one for the record books. On Thursday morning in Zurich, the dollar opened 1% up in value against the Swiss franc from the previous day. the sharpest overnight dollar rise ever recorded there. In Frankfurt, where the dollar had sagged to a record low of 2.07 marks during its autumn-long slide, it abruptly recovered to nearly 2.16, also a record rise. In Tokyo. where the dollar had fallen to a postwar low of 237 yen on Wednesday, it promptly rebounded...
...basic money supply during 1977 grew by about 7.4%, beyond Burns' target range of 4% to 6½%. That bothers conservatives, who want slower growth. But the board's efforts to throttle back have pushed up interest rates sharply. For example, the rate on "Fed funds"-overnight loans from one bank to another-rose two full percentage points during 1977, to 6.65%. Liberals like Presidential Economic Adviser Charles Schultze fear that any further rise will hurt the recovery by making business borrowing too expensive...
...idea seems to have caught on almost overnight. In 1973, before the Arab oil embargo shook the Western economies, there were only two small "resource recovery" plants in the U.S. processing garbage into energy. Today 16 full-fledged plants are in operation using varied technologies, another twelve are under construction, and many more are in different stages of planning. The latest and largest municipality to join the switch to garbage power is New York City, which in December announced that it was negotiating with Manhattan-based Ashmont Systems to build a plant on the grounds of the former Brooklyn Navy...
...details, which will lead to the signing of peace treaties." So alive now was the momentum for peace that one high-level Israeli official said he expected these special committees to convene within a day or two. The progress seemed so positive that Sadat invited Begin to stay overnight for further discussions. "Praise be to Allah," said Sadat, "that we have started giving a push forward even before the end of the talks...
...wonder of Menachem Begin's overnight drop-in on the White House is still being pondered for lasting significance. Such visits were never before conceived in less than months. Suddenly, Israel's Premier was at the door. Jimmy's arms were open. When the first meeting was over, Carter plunked down at his desk and rang up Anwar Sadat over in Cairo just as if he were on the phone to Plains. Carter filled in the Egyptian President on what he and Begin had discussed. Begin went off to visit his old friend Kissinger, then dropped in on the ailing...