Word: downwards
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...price of bonds reached the highest level in U. S. history. On that day the averages went above 106, which was more than 40 points above the Depression low. Failing to break its previous mark in a January rally, the bond market has been headed steadily downward ever since. After a wide-open break in Government issues last week there were few who dared predict that bond prices would better their old highs during the life of the present business cycle...
...reflection on Government credit. What the bond market showed, clearly, concisely, was growing apprehension over the course of inflation. With inflation come higher interest rates, and the cost of money and the price of bonds, whose rate of retirement is fixed, work in an inflexible inverse ratio. The current downward trend in bonds set in just about the time the Federal Reserve Board was getting set to cut excess bank reserves for the second time, a move which was sure to boost short-term if not long-term interest rates...
...grimy face peered downward from above...
...Wall Street the franc's turn for the worse intensified the current jitters over the outlook for U. S. money rates. Another boost in bank reserve requirements to sop up potential credit had been expected for months. That the move would mean a reversal in the long downward trend of interest rates was by no means a remote possibility, and bond prices accordingly tumbled...
Scull (Scull Co.) suggested: "Because we are going through the most rapid expansion in credit business that retailing has ever experienced, are we not headed for serious trouble at the next downward curve of the vicious cycle and would it not be well to remember as the credit sales mount to an ever higher peak that beyond the highest peak there is always a valley?" Not daunted by this notion was Joseph L. Fowler, of Boston's Jordan Marsh, who urged the end of the dunning letters, proposed for delinquent accounts notices that were "mild in tone, neat...