Word: rediscount
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Despite his lack of training in economics, he now speaks with assurance of such technical topics as balance of payments, rediscount rates or expansion of commercial paper. As one Washington banker puts it, "It's just like talking to another banker." One of Che's irritations comes from Prime Minister Castro, who carries a checkbook in his shirt pocket. When a project seems worthy, Castro tugs out the book and writes a check. His account is now overdrawn...
BANK OF ENGLAND raised bank (i.e., rediscount) rate from 5% to 6%, second highest in world's industrial nations. Object: to curb inflation and reduce Britain's trade deficit, currently at $171 million...
...fourth time in five months, the Federal Reserve last week eased the U.S. credit supply. To Reserve districts in New York, Chicago, Philadelphia, St. Louis and Minneapolis, Chairman William McChesney Martin and his governors gave permission to drop the rediscount another ½% (to 1¾%) on loans to member banks, and sliced bank reserve requirements. Thus the FRB released a potential of $2.7 billion in new credit into the nation's money stream...
...fact is that FRB's five-month campaign to ease credit has failed so far to cut interest rates appreciably. Though Federal Reserve banks have cut their rediscount rate 1¾%, only a few loan categories such as 90-to-180-day bankers' acceptances and short-and medium-term commercial paper have followed with similar declines...
...follow through on an easy-money policy." But Martin, as carefully noncommittal as ever, answered: "We are going to look at business conditions at all times and adjust in a way we consider most satisfactory for the economy." FRB's reduction from 3½% to 3% in the rediscount rate, said Martin, was merely a "signal that we saw some change in the business situation. But this doesn't mean that inflation won't occur, or that deflation is the order of the day. I don't think we've licked either...