Word: tightener
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Dates: during 1950-1959
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...most capitals Chou's message and the U.S. response evoked sighs of relief. But one stern voice continued to remind the world that if Peking had indeed decided to loosen the screws for the time being, it would surely tighten them again one day. Asked what he thought Red intentions in the Formosa Strait really were, Chiang Kai-shek replied: "Their ultimate intention is to seize Taiwan...
...Federal Reserve Board alowed a few more steps last week to tighten credit (see State of Business), more and more Wall Streeters wondered whether the FRB can control a new inflationary upsurge as well as it did during the 1955-57 boom. How widespread these doubts are was reflected in the stock market, where stock prices during the week rose to a new high for the year. Wall Street was highly skeptical about the power of the FRB because, in trying to control the new inflation it fears, the FRB is up against a big problem it did not have...
With an eye on the statistics of recovery, the Federal Reserve continued to tighten credit by selling Treasury bills, brought net free reserves down to $306 million, lowest since February and almost $300 million under the $600 million of early July. The Fed also approved a discount rate boost from 1¾% to 2% for the Kansas City and Atlanta banks...
Following its philosophy of swimming against the business tides, the Federal Reserve Board moved to tighten credit slightly in two ways last week. First, it gave the Dallas Reserve Bank permission to follow San Francisco in upping its discount rate from 1¾% to 2%; the other ten districts are expected to come into line soon. Next, the Federal Reserve announced that it had reduced its holdings of short-term Treasury bills, bringing member banks' net free reserves, which had been around $500 million for five months, down to $403 million. Though the Fed's moves brought immediate...
Actually, the nation's banking system is in good shape for recovery without returning to tight money. Banks have plenty of credit available for businessmen. Despite the Fed's action, free reserves are well above $350 million, where bankers consider that credit begins to tighten. Though short-term interest rates have improved, most bankers expect the prime rate to hold at 3½% for some time because there is still no big jump in industry's demand for money. Business loans, which dropped $1.8 billion in the first half of 1958, show only slight signs of picking...