Word: short-term
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Meanwhile, Turkey founders. Three months ago Ecevit reached an agreement with the International Monetary Fund that allowed the country to reschedule $5 billion in short-term debts and thus stave off bankruptcy. The IMF deal unlocked a package of $1.8 billion in cash credits on favorable terms from the Organization of Economic Co-operation and Development countries...
...during that meeting, reports TIME Washington Correspondent William Blaylock, that Volcker decided nothing short of decisive action would do: "Upon Volcker's return to Washington, following a brief appearance at an International Monetary Fund conference in Belgrade, he immediately instructed his staff to draw up a list of options open to the Fed. The short-term goal would be to prevent a further dollar slide abroad, but long term the objective would be to puncture the inflation psychology of the nation as a whole. As many as 20 staffers were ultimately involved in the brain-storming sessions, and economists from...
...approach to monetary policy, see page 7. In St. Louis, officers of the Federal Reserve Bank there were pleased because they had long advocated such a move. See story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign-exchange traders, happy about the Fed's actions, sent the U.S. dollar up by 2%; gold fell more than $17 an ounce. See story on page 3. But the U.S. stock, bond and commodities markets...
...They recommended that the yardstick for the people in this country must be a job and a house. The Riekert Commission's report has been accepted in principle by the government. This is a tremendous change in the system, but because of the government's uncertainty as to the short-term effect of this principle, they weren't quite prepared to phase out the 72 hour ruling at once. (Any non-European unable to produce a pass upon demand is subjected to 72 hour detention.) If the job and house principle would work in practice, then I think I would...
...industrialized world since July, as governments try to curb inflation. But the U.S. has been playing catch-up with European and Japanese rates. At present, U.S. interest levels are no higher than existing U.S. inflation rates; thus there is scant reason for money traders to buy dollar-denominated short-term securities, since they earn nothing. Other currencies are a better buy. For example, even though the West German prime rate of 7.75% is more than five percentage points lower than the U.S. prime, West German inflation is about one-third that of the U.S., so traders sell dollars...