MONEY: Easier Does It

More than anything else, investors, home buyers and borrowers of all sorts have been awaiting one particular event: a sign of some easing of the high interest rates that have been squeezing credit and the securities markets dry for months. Some early indications of ease appeared in September, when the Federal Reserve Board increased the amount of money available for lending and Chairman Arthur Burns announced that he would tolerate "no credit crunch in our country." Now at long last the Fed's moves are beginning to show up in hard (or rather, softer) figures.

Having been hung up at a...

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