Word: rediscounted
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...market breakthrough took place in the face of the Administration's continuing policy of tightening the nation's money supply. Last week six Federal Reserve Banks, including the New York bank, most important of all the eleven districts, joined the rising interest trend and boosted their rediscount rates, from...
Authorized by the Federal Reserve Board and its chairman, William McChesney Martin Jr., the Federal Reserve System's districts across the U.S. started boosting the rediscount, i.e., interest, rate to banks who borrow money from the Federal Reserve. Within 48 hours, ten Federal Reserve Banks announced increases in their rates of ¼ to a total of 2% on loans. In Cleveland, where autos, steel and machine tools are rolling along at record rates, the increase was a full ½, up to 2¼%. Private bankers quickly passed on the new rates. By week's end virtually every...
...would be wise to curb its boundless appetite. The Federal Reserve Board, noting that business borrowings for expansion are heavier than they have been since 1953, decided the time had come to apply a mild brake before the boom gets out of hand. The brake: a boost in the rediscount rate from 1½ to 1¾ Since this is the rate at which member banks borrow from the Federal Reserve, the rise will make it more expensive to do so. This is expected to act as a slight restraint on expansion plans, thus keep U.S. industry from spreading itself...
...REDISCOUNT RATE, at which banks borrow from the Federal Reserve, may be nudged higher in the near future to tighten up credit all around, block any new inflation. The FRB's flexible-money policy, which switched from one of "active ease'' to "ease" last fall, is now described as "light restraint." Officials are moving cautiously, and the rediscount rate is not likely to go up by more than one-eighth of one percent from the present...
RAPID RISE IN CREDIT will bring no tightening in the Federal Reserve rediscount rate until late April or May. Reason: U.S. Treasury within the next fortnight must borrow up to $3,500,000,000 on short-term notes. To boost the rediscount rate now would cost the Treasury millions in added interest...