Word: rediscount
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...state (on page 47, Feb. 18 issue) "As for rediscount rates, here again it is the province of the twelve Reserve banks (not of the board) to initiate rate changes." About ten years ago an Assistant Attorney General rendered an opinion to the effect that the power of the Federal Reserve Banks to establish discount rates "subject to review and determination of the Federal Reserve Board" gave the Federal Reserve Board authority not only to review but also to determine, and therefore to initiate, a rate change when and if they so desired. J. F. EBERSOLE Office of the Secretary...
...graveyard. As the week wore on and the tombstones stood out more clearly in the gathering darkness, the speculators stopped whistling and started to run. Directors of the New York Federal Reserve Bank held a lengthy and private meeting, after which, however, no change was announced in the rediscount rate...
...Market. None of these measures was by themselves particularly drastic (was offset, for example, by failure to raise the rediscount rate), but taken altogether they gave nervous speculators chills & fever. On Friday call money went from 6½% to 10% and the whole market went off in a sharp decline that continued through Saturday's closing. There was nothing resembling a panic but the orderly retreat was rapid, sustained, unchecked by short covering...
There remained also the possibility that the Reserve banks would either raise their rediscount rates or attempt to persuade member banks to call in New York call money...
...rediscount rate is the rate at which a Federal Reserve bank discounts loans to member banks...