Word: discounted
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Dates: during 1950-1959
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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...
Board allowed San Francisco's Federal Reserve Bank to raise its discount rate-the interest charged on loans to member banks-in a switch to a tighter-money policy to be extended to all Federal Reserve banks (see BUSINESS). ¶ The defense reorganization bill, pushed through a balky Congress by the Administration, was a solid step toward solving the Pentagon's problems. And the historic transpolar voyages of nuclear submarines Nautilus and Skate were sharp reminders -along with three satellites aloft, and a spectacular series of record performances by U.S. aircraft-that the nation is much farther along...
...Federal Reserve Board last week demonstrated the kind of fiscal responsibility that Economist Reierson was talking about. Deciding that it was time once again to lean gently against the economic winds. FRB gave the San Francisco Reserve Bank permission to hike its discount rate from 1¾% to 2%, the first such credit-tightening boost in eight months. The other eleven Federal Reserve banks will probably follow suit soon, thus signaling that 1) the Fed agrees that the recession is over, and 2) it is on guard to make certain that the recovery proceeds in a sound, orderly fashion...
Despite the general enthusiasm, many shrewd traders are skeptical of the current market level, feel the market is due for a retrenchment. The experts argue that prices are already so high that they discount both a business upturn and any acceleration the Mideast crisis might bring. "Korea brought a quick dip and then a quick recovery," said Ralph A. Rotnem, partner of Harris, Upham & Co. "But today the market is more vulnerable; people are paying twice as much for earnings now as in 1950." Bears point out that the Dow-Jones industrials in mid-1950 sold at eight times earnings...