Word: short
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Dates: during 1970-1979
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...ultimate challenge to the Fed's bold new initiative is, of course, the sheer virulence of the nation's inflationary malaise. In the short run, skyrocketing interest rates will just make the plague worse, since rising interest simply pushes up the cost of money. In fact, the new boost in rates makes it even more certain that the actual amount of inflation this year will far exceed the Administration's official forecast; it still maintains that the rise in prices for all of 1979 will be no more than...
...rise in interest rates, reach such levels that borrowers found it impossible to get money on almost any terms. Such a squeeze occurred in the summer and fall of 1974, and almost immediately forced businesses to lay off upwards of 2 million workers because of the unavailability of even short term credit...
...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...
...last Kremlin visit. "About every 4,000 hours," he answered. "Engines?" asked the cool-eyed Soviet, a fellow normally associated with missiles and megatons, not farm machinery. "Every 10,000 to 15,000 hours," replied Bergland. The old Russian thought a few seconds and then gave his people a short lecture about the disadvantages of the Soviet policy of replacement by the calendar, not actual need...
...Habib's still secret recommendations: providing generous aid through multilateral organizations like the Caribbean Group for Cooperation in Economic Development, which includes several European nations as well as Venezuela, Japan, Brazil and Canada. Though some Caribbean nations would prefer unilateral assistance from the U.S., a multinational approach would short-cut the resentment that stemmed from John Kennedy's Alliance for Progress, which many Caribbeans viewed as an attempt by the U.S. to play a "big daddy" role...