Like a doctor who finds a patient in good health but warns him against his tendency to overeat, some of the nation's economists have concluded that U.S. industry would be wise to curb its boundless appetite. The Federal Reserve Board, noting that business borrowings for expansion are heavier than they have been since 1953, decided the time had come to apply a mild brake before the boom gets out of hand. The brake: a boost in the rediscount rate from 1½ to 1¾ Since this is the rate at which member banks borrow from the Federal Reserve, the...
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