Financial opinion is divided into two hostile camps on the question as to whether the present 4½% rediscount rate of the Federal Reserve banks can and should be maintained, in the face of many factors which would normally make for a speedy reduction in the rate.
One school, which includes the stock market fraternity, favors lower rates largely on the basis that it would provide a cause for an advance in the prices of bonds and other fixed investment securities, as well as for a speculative fillip...
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