Word: tighter
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Dates: during 1970-1979
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...reason: the shift by Federal Reserve Board Chairman Arthur Burns to a tighter monetary policy. Burns fears that an overly rapid expansion of the money supply might fuel inflation (TIME, June 6). His view was disputed last week by Budget Director Bert Lance, who complained that the Fed's stinginess has prompted major banks to raise lending rates for their best customers to 6.75%, up from 6.25%. Lance believes that the increases could worsen inflation and weaken the recovery by pricing loans out of many businessmen's reach...
...credit. In recent weeks the Federal Reserve has indeed begun raising short-term interest rates-to try to rein in what it considers an overly rapid growth in the money supply now that inflation is bumping back up to double-digit levels. The Federal Reserve's move toward tighter credit, while welcomed by businessmen who share Burns' concern about inflation, helped to dash hopes of a spring rally in the stock market. Having worried down steadily from its close of 1004.65 last Dec. 31, the Dow Jones industrial average dropped another 31.63 points last week...
...money supply is necessary; too much money had begun to flood into the economy as it picked up steam in early spring. The group's decision was to push the federal funds rate up a bit, to as much as 5½%. The Federal Reserve's tighter money policy is already showing up in higher short-term interest rates-to which the stock markets are keenly sensitive-as well as in a rise in the prime lending rate that banks charge their best customers. At week's end New York's Citibank raised its prime...
...Europe and the U.S., atomic energy officials say that the Plumbat Affair signals a need for tighter surveillance of nuclear shipments. Notes a former Euratom official: "The ways of stepping around international controls are as many as the ways of our Lord...
Several Harvard students are trying to establish a student advisory committee to the Social Studies Department with full voting powers in response to what they termed "discriminatory" admissions policies and tighter academic requirements in the department this year...