Word: peake
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Dates: during 1970-1979
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...Columbus Day holiday, and made their response to the Fed's discount-rate rise. Led by Chase Manhattan, the nation's third largest bank, several institutions immediately raised the prime rate (the interest charged the most credit-worthy corporate customers) from 13.5%, already a record, to a new peak of 14.5%. Since quarter-point raises are the norm, the effect of the full-point boost in the prime was electric. Not only did it push the interest charged to margin investors up close to 16%, making stock ownership on borrowed money extremely expensive, but it had a sharp psychological effect...
TIME's board predicts only moderate relief. The peak of inflation has been reached, but the road down will be slow. David Grove, a private consultant and former chief economist for IBM, foresees a 1980 inflation rate of 9.5%, or double the level of only three years ago. Says he: "Inflation will continue as long ahead as we can see." Okun maintains that the latest surge of inflation has placed the economy on a higher price plateau, where it will stay for years to come. Even after the recession is over, he predicts, prices will be increasing...
Like the children of Hamelin chasing the Pied Piper, investors last week continued rushing to put their paper money into hard goods. Gold scaled yet another peak on the London exchange: $397 per oz., almost double a year ago. Prices soared for platinum and silver, and even copper that was 81? per Ib. two months ago sold...
...consequence of Einstein's general relativity theory: if a very massive object were located almost directly between the earth and a distant star, its tremendous gravity would act as a "gravitational lens" that could bend the starlight into two different paths. To produce the effect observed at Kitt Peak, the astronomers calculated, a huge galaxy or a black hole at least 10 trillion times as massive as the sun would be required...
...Greenfield and Bernard Burke, all from M.I.T., who analyzed signals from the quasars received at the Very Large Array (VLA) antennas of the National Radio Astronomy Observatory near Socorro, N.M. What resulted was a radio map that, with one important exception, coincided with the images seen with the Kitt Peak telescope. The difference was that the sensitive radio antenna array discerned two jets of material that seemed to be shooting from one of the quasars. Explains Physicist Burke: "Quasars do have outbursts and send out material that gives off radio noise without producing much light...