Word: throughs
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Dates: during 1970-1979
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Miller's mistake had been to assume that the Fed's orchestration of the highest interest rates in five years would alone be sufficient to discourage borrowing and spending. Through the first half of 1979, business was actually slowing somewhat as a result of bad winter weather and the gasoline...
By week's end Volcker had the measures that he wanted and called a mid-morning meeting of the board's governors in the Fed's second-floor boardroom. There, against a backdrop of silk wall coverings and an enormous blue-and-gold map of the U.S., the governors mulled...
The first two items?an increase in the discount rate and the setting up of reserve requirements for offshore bank borrowings?went through smoothly enough, but the third presented a procedural problem. As a revolutionary change in Fed operations, the plan to focus day-to-day attention on actual money...
The trouble is that the kinds of "cash" being developed in the world's leading consumer economy are proliferating faster than the money managers can find ways to measure them. Among other elements in this unmeasured or "invisible" money stock are the credit lines consumers get with their Visa or...
While Volcker's retooling of Fed policy may lead to surer control of the money supply, critics are worried that the steps he has taken to limit the inflationary flow of Eurodollars into the economy do not go far enough. In London, Geneva and other offshore finance centers, no sooner...