Word: volckerism
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Federal Reserve Board Chairman Paul A. Volcker, novelist V.S. Pritchett, sculptor Louise Nevelson, Bishop of Stockholm and former Divinity School Dean Krister Stendahl are expected to be among 10 who will receive honorary degrees at Harvard's Commencement exercises Thursday...
...future of the dollar rests largely in the hands of the Federal Reserve Board. The power of Fed Chairman Paul Volcker to influence the dollar on exchange markets has been clearly demonstrated in recent weeks. When he said last month that he thought that European central bankers should intervene in world currency exchanges more aggressively to keep the dollar's value down, the dollar began weakening. The currency then slid sharply when central banks started actively selling dollars, as he had recommended...
...week's end, though, the crisis began to lift. The Ohio legislature passed a plan to start reopening the thrifts, and Federal Reserve Chairman Paul Volcker publicly vowed to loan them emergency cash if needed. President Reagan played down the situation when asked about it during his White House press conference. "This is not a major threat to the banking system," he said. "There is no other problem of that kind anyplace else in the country that we're aware...
...Washington to get help from federal banking authorities. Edwin Gray, chairman of the Federal Home Loan Bank Board, which oversees the FSLIC, promised Celeste "an unprecedented, superhuman effort" to complete the paperwork necessary to bring as many as possible of the closed Ohio thrifts under federal insurance. Fed Chairman Volcker also pledged support. Said he: "The job now is to get the institutions opened rapidly and in an orderly fashion so that we don't have a repetition of the situation...
Then currency traders were taken aback by bulletins concerning the testimony of Federal Reserve Chairman Paul Volcker before a congressional committee. Volcker said that Western central banks had not acted "forcefully enough" to halt the dollar's ascent. Some traders took that to be a call for stepped-up Government intervention...