Word: annually
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Dates: during 1980-1980
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During much of the presidential election year, economic events were not determined by the White House or by Congress, but by the Federal Reserve. Indeed, in the opinion of many observers, "the Fed was the only game in town." When inflation roared to an annual rate of 18.2% in the first quarter and bond markets collapsed following Jimmy Carter's proposal of a fiscal 1981 budget with a $ 15.8 billion deficit, the Fed hit the brakes hard. It imposed credit controls on consumer borrowing and clamped down on bank lending. The prime rate, which began the year...
Business, however, ran into a wall. Between April and June, the economy declined at an annual rate of 9.6%, the fastest drop since World War II. But then, with the arrival of summer and the acceleration of Carter's re-election campaign, credit controls were loosened and money became less restricted. The prime rate fell to a low of 11% in July. Yet, after November's presidential election and a new burst of inflation, the Federal Reserve Board once again tightened money, and interest rates began another steep rise, quickly passing the spring's historic interest rate...
...energy producers have been squabbling among themselves all year. Saudi Arabia and Libya broke off diplomatic relations last October when Libyan President Muammar Gaddafi urged Muslims not to make their annual pilgrimage to Mecca because he claimed that the shrine had been desecrated by U.S. radar surveillance planes flying overhead. And after the outbreak of the war between Iran and Iraq, the cartel had to cancel a gala meeting in Baghdad in November that was to have celebrated the group's 20th anniversary...
...have cut in half projected sales of the stylish, economical K-car. Even the once popular sub-compact Dodge Omnis and Plymouth Horizons are selling poorly, and dealers now have more than a 120-day supply, twice the desired amount. As the auto industry last week prepared for its annual holiday shutdown, only three of Chrysler's six assembly plants were operating. The company, which had once vowed that it would earn a profit in the fourth quarter, will probably lose more than $200 million between October and December. That would push its losses for 1980 to an astonishing...
DIED. Peter Gregg, 40, U.S. driver who had dominated sports-car racing since 1971; of a self-inflicted gunshot wound; in St. Johns County, Fla. Gregg, who drove modified Porsches to victory in 47 races and six annual championships of the International Motor Sports Association, once said: "Winning is no longer that important. I just don't want these other guys...