Economic signs blur recession fears in 1960s stance
In a reflective column, John Cunniff notes mixed signals as the Fed eases, government spending rises, and consumer caution grows. He cites high employment, slow retail sales, lagging GNP growth, and inventory–sales gaps, arguing the era’s slowdown is debated and not yet a full recession.
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Cen
New York
Federal Reserve
Johnson Administration
Consumer Act
Webster
Vietnam
Pierre Rinfret
Federal Reserve Board
Market Rally Fades as Dow Drops After Discount Rate Cut
New York stocks opened higher on word the Federal Reserve cut the discount rate, then traded down as profits were taken. The Dow fell 7.9 to 853.34 in early action, with volume around 9.09 million shares and the broader market slipping after a brief rally. The AP average slid 2.0 to 317.8 as utilities and rails fell, while Sperry Rand led activity with a gain amid big block selling.
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