Word: slowdowns
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...year, and the war-swollen economy began to suffer from inflation. When the Reserve Board overreacted, it slammed on the brakes too hard. Until January 1967, money supply was allowed to grow at a yearly rate of only 3.8%. The result, says Friedman, was the first-quarter slowdown that analysts dubbed the mini-recession of 1967. Since January 1967, the money supply has increased at a 9.9% annual rate, and Friedman blames today's inflation primarily on that fact. Last year he correctly predicted that, in the absence of restraint on money supply, the 10% income tax surcharge would...
Snarl and Slowdown. For the year ahead, there is apprehension over the persistent paperwork backlog, which has snarled delivery of securities. Overruling a last-minute plea from the Securities and Exchange Commission to reconsider, the nation's stock exchanges decided to switch from Wednesday closings, in effect since June 12, to shorter hours. Five-day-a-week trading, with closings at 2 p.m. instead of 3:30 in New York, will resume this week. Some brokers share the SEC's fears that the most severe effects of the paperwork jam are yet to be felt. Industry leaders, however...
Strange Bodies. Last week it became evident that the slowdown observed in the Crab may well be the rule rather than the exception among pulsars. Completing highly precise measurements on the first four original pulsars that they had discovered, British astronomers found that these, too, were running down -at the barely perceptible rate of about one beat in 10 million every year...
Though there are a few signs of a slowdown ahead, the economy so far has resisted all attempts to curb its expansive excesses. Congress belatedly passed a 10% income surtax in June, but production and demand-and prices -only kept moving higher. From November 1967 through last April, the Federal Reserve Board raised the discount rate three times, boosting it from 4% to 5½%, a 39-year high. The board later dropped the rate to 5¼% , but last week, declaring a new assault on inflation, it lifted the rate again to 5½%. Whether the rise will have...
...year or more, will go up from $290 to $374. On April 15, millions of Americans will have to pay out a lot more to cover the 10% surtax on their earnings from April through June 1968, when the surtax was not withheld from paychecks. In addition, with the slowdown in Government spending and the rise in tax revenues, the federal budget may even show a small surplus in the current fiscal year ending June...