Word: yieldsâ
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Even when the big rise in stocks cut their yields???and the tight money policy started interest rates up?the bond market did not recover; it was swamped as corporation after corporation, cut off from long-term loans by tight money, floated bonds to pay for their enormous expansion. In 1956 a record 1,843 new bond issues worth $12.3 billion were floated. Since most of the new issues were forced to offer higher interest rates to attract investors, prices of older, less profitable bonds dropped. Thus the average price of all listed domestic bonds on the New York Stock...
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