Word: hike
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...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...
...they have run into sliding earnings and difficulties in financing their purchases. Ike asked for a special report on the airlines' plight. Last week Quesada sent him a 44-page document prepared by Harvard Business School Economist Paul Cherington. Among its top conclusions: the airlines need a fare hike-and quickly...
Much of the new municipal money, poured into overcrowded streets and schools, was scrounged from an average 12.5% rise in sales taxes, an 11% hike in debts. And many state legislatures and city councils are girding themselves for record inchings-up in tax rates next year...
...Spurred on by a hike in steel prices (see below), Aluminum Co. of America led other major producers in raising the price of basic aluminum pig 7/10? per lb., to 24.7?. Reflecting lively European demand for copper, custom smelters hiked the price of refined copper...
Among the causes for the buying spree were the inflationary implications of a proposed $8 billion hike in the national debt ceiling and a new high for the consumer price index, which climbed to a record 123.7 in June. There were also some good business reasons. The depressed machine-tool industry noted a 7% rise in new orders from May to June. Second-quarter earnings in some key industries showed a better recovery than expected, indicating that a snapback in profits may be closer than previously anticipated. Many investors were also quite obviously influenced by the headlines from the Middle...