Before an audience at the National Press Club. Federal Reserve Chairman William McChesney Martin Jr. made an unusual admission for an expert economistor indeed any kind of expert. Since the first of the year, said Chairman Martin, the FRB's governors "really haven't known which way the business currents are running." And until they do know, the Federal Reserve will follow a policy of "passive" credit restraint, neither tightening nor loosening the nation's money supply. "We are simply trying to let the forces of supply and demand operate in the money market."
The forces of supply and demand were operating all...
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