Word: hike
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...surprise, because only one day earlier, Federal Reserve Board Member M. S. Szymczak told a Washington audience that the Fed might have followed a tougher money policy were it not for the 4,700,000 U.S. workers still unemployed. His remark was interpreted to rule out any quick discount hike, and the bond market spurted up on the strength of it; after the announcement, the market slipped back again...
...concern about inflation, the Fed worries about the U.S. Treasury's money-raising problems. The Treasury has been forced to hike interest rates on-its short-term Treasury bills to above 2½%, thus tempting commercial banks to "play the spread" by borrowing money from the Federal Reserve at 2½% and putting it into Government securities that yield more. The Fed's discount-rate increase will stop this practice, was timed to take place between Treasury financings so as not to upset the market...
Whether the Fed's move was justified was loudly disputed. Certain congressional Democrats lined up against the rate hike. "Extraordinary." said Illinois' Senator Paul Douglas. "An awful thing," said Chairman Wright Patman of the House Small Business Committee, who issued a new call for a sweeping inquiry into federal fiscal and monetary policies. The Fed's move, said A.F.L.-C.I.O. President George Meany, "represents a further tight-money dampener to economic recovery, while 6% of the labor force is still unemployed, and about 20% of productive capacity is idle...
...shares daily, Dow-Jones industrials hit a peak of 611.87, or 175 points above the 436.89 low of a year ago. Not even tough news could jolt it. The index gave up only 2.35 points on the Federal Reserve Board's discount-rate hike (see above), closed...
...FARES to Europe will rise. Airlines are working out agreement to hike prices of one-way first-class tickets $20, to $475, and one-way economy fares...