For most bankers and businessmen, nothing seemed more certain two months ago than a continuing slide in interest rates. That conviction was nurtured by expectations of a slackening economy, the energy crisis, wilting loan demand and a less restrictive money policy by the Federal Reserve Board. To the astonishment of most experts, inflation has made hash of those predictions; both long-and short-term interest rates are scooting back up, some to record highs. Soaring loan costs are now hurting businessmen trying to finance expansion programs, municipalities seeking public improvements and millions of...
To continue reading:
or
Log-In
