Word: volckerism
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Minutes of the previous Open Market Committee meeting in May, released the day after Volcker's testimony, revealed that the group has turned into a battleground in recent months. The committee voted 7 to 5 during the May session to curb money growth moderately. Volcker had led the majority...
Little can be known for certain about last week's Open Market Committee meeting until the minutes are published at the end of August. Volcker, however, may reveal some policy guidelines this week when he testifies to congressional committees about the group's money targets for the year...
...Volcker told the Senators at his reappointment hearing that the Federal Reserve is not overly concerned about the speedup in M1 growth, because it believes the rate of expansion is largely due to technical factors. Since June 1982, more than $34 billion has poured into interest-paying checking accounts, the so-called NOW and super-NOW accounts. The Federal Reserve argues that this development has distorted the M1 numbers and that money is really not growing as fast as statistics suggest. Some economists now consider M1 to be virtually meaningless. "It's a rubber yardstick," says Anthony Frank, president...
...Volcker did manage to startle some members of the Senate Banking Committee with one brief reference to his own future. Asked whether he would serve a full four-year term if reappointed, he replied, "I do not feel committed to do so." Democratic Senator William Proxmire of Wisconsin said he was "somewhat shaken" by that admission. Volcker indicated, however, that he would stay on for at least two years. Volcker believes that the four-year terms of the Federal Reserve chairman and the President should roughly coincide. By leaving in two years, he would allow the next President to name...
...deficit will remain a stubborn obstacle to holding down interest rates. "You can't talk of monetary policy in a vacuum without reference to the enormous debt level and to the responsibility of Congress and the President," says Harry Freeman, a senior vice president of Shearson/American Express. "Volcker is being asked to keep interest rates down when he only has part of the action." Congress continues to fail to cut the fiscal 1984 budget deficit below the projected $180 billion. The Senate last week approved funds for the B-1 bomber and chemical-weapons systems. The House passed...