Word: seger
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...first the skirmish prompted a bit of anxiety among moneymen, especially when Seger declared that the board was no longer Volcker's "one-man show." Financiers feared that the Reagan appointees might lower the Federal Reserve's guard against inflation and bend too much to the Administration's eagerness to expand the economy. Said Norman Robertson, chief economist at Pittsburgh's Mellon Bank: "Any pretense of the Fed being nonpolitical is now gone...
Until this year, the board was dominated by governors who supported Volcker's strategy of maintaining relatively tight credit to keep inflation at bay. The Volckerites held sway over two members appointed by President Reagan --Martin and Martha Seger--who often wanted to push the economy faster. But in January Reagan named two more members: Wayne Angell, a Kansas banker and economics professor, and Manuel Johnson, a former Assistant Treasury Secretary. That put the Reagan appointees, whom economists dubbed the "Gang of Four," in the majority...
...rift opened Feb. 24, when Martin and Seger pressed the board to vote on a proposal to cut the discount rate, the interest that the Federal Reserve charges member banks for loans, from 7.5% to 7%. Volcker urged the board to postpone the cut because he was trying to persuade other industrial countries to drop their interest rates first. He feared that if American rates fell too fast, foreign investors would pull money out of the U.S. and send the dollar into a free fall...
...July the Reserve board voted to lift the 1985 M1 limit slightly, to 8%, but to restore the 7% target in 1986. If the board is to meet those goals, it will soon have to rein in the money supply. Martin and Seger voted against the 7% target for 1986, arguing that faster money growth may be necessary for an economic rebound. The Volcker-led majority, however, was worried that too much money would lead to an acceleration of inflation...
...weaken the Federal Reserve's inflation-fighting resolve. The board during the past year has been divided into hawks, doves and owls. Gramley and Wallich were the hawks. They have been especially concerned about inflation and have occasionally voted for a more restrictive monetary policy than Volcker wanted. Martin, Seger and Rice have been doves, sometimes voting for faster money growth. Volcker and Partee were the owls in the center, favoring a moderate course. The appointment of Johnson and another Reagan loyalist might give the doves a stronger hand...