The Eisenhower Administration this week took its first major step to reverse the New Deal-Fair Deal "cheap money" policies and put the national debt on a sounder, long-term basis. On sale went a new issue of government bonds, with the highest interest rate (3ΒΌ%) since 1933, and the longest-term maturity (30 years) since the beginning of World War II. It was also the first long-term issue in 20 years to be floated in an "unpegged" market, i.e., the Federal Reserve is not committed to support the bonds at any fixed price. With...
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