Word: rediscounted
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Dates: during 1920-1929
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...rediscount rate of the New York Reserve Bank compares with the rates of the other leading central banks of the world as follows: Austria 12, Belgium 5½, Bulgaria 7, Czecho-Slovakia 6, Denmark 7, England 4, France 6, Germany 10 (cen-tenmarks) and 90 (old paper marks), Greece 7½, Hungary 18, India 7, Italy 5½, Japan 8, Holland 5, Norway 7, Poland 12, Portugal 9, Rumania 6, South Africa 6, Spain 5, Sweden 5½, Switzerland...
...bankers here so firmly clapped the brakes on the money market that talk of inflation, 'despite our ever-increasing stocks of gold, is dying out. Strong opposition has developed to any lowering of the Federal Reserve rediscount rates for the present. Money is easy, although becoming somewhat firmer on increased seasonal demand...
Financial opinion is divided into two hostile camps on the question as to whether the present 4½% rediscount rate of the Federal Reserve banks can and should be maintained, in the face of many factors which would normally make for a speedy reduction in the rate...
Money remains easy, although the bankers continue rates which are high in proportion to market conditions. The main justification for this policy is of course the fear of inflation. Nevertheless, declining earning assets of certain Federal Reserve banks may be a contributory cause. The expectation of a lowered rediscount rate is general; it is felt that this move is after all the "ace-in-the-hole" of the party which has undertaken to make this Presidential year one of prosperity and confidence. Much "bull ammunition" has already been shot off, such as U. S. Steel's extra dividends...
When asked whether he thought that member banks were going to rediscount regularly with the Federal Reserve Bank or were doing it merely as an emergency measure, Professor Sprague replied that that could not be definitely said. "At present the Federal Reserve Banks are ready to meet variation in the reserves of the member banks due to changes day by day in their positions, as shown by settlements made with the other member banks in the clearing house. The aggregate of New York banks may be doing it steadily, but it usually fluctuates between different banks. It cannot be said...