Word: sky-high
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Last year only 18% of those who bought new homes were first-time owners, less than half the level of 1977. The rea son: sky-high mortgage rates...
...renewed upward thrust of oil prices. The 13-nation OPEC oil cartel last week raised its export prices by 6% to 10%, and oil producers warned of possible additional increases in 1981 (see following story). Meanwhile in the U.S., more and more domestically drilled crude is being marketed at sky-high world prices as a result of the continuing phaseout of domestic crude oil price controls. Democrat Otto Eckstein, president of Data Resources, an economic forecasting firm, estimated that rising petroleum prices will add 2.2 percentage points to the nation's consumer price index...
...sticker prices and sky-high interest rates strangle sales...
...Federal Reserve Board in the weeks ahead. By sharply curbing the flow of money and credit last winter, the Fed severely crimped the ability of the economy to expand. Interest rates leaped to record levels of 20% or more, and the nation pitched into recession. By spring, the sky-high cost of money was threatening to cause a severe slump; the Fed then switched course and began pumping money back into the economy. Since then the money supply has been on a roller coaster ride of weekly gyrations, with the nation's central bank struggling to smooth...
...discussions were overshadowed by the bitter border dispute between Iran and Iraq, both OPEC members. And at one point the Iranian Oil Minister, Ali Akbar Moinfar, accused the Saudis of catering to "Western imperialists." Said one Iranian delegate after two days of bickering: "This thing is going to blow sky-high...