This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!
Record borrowing costs hit new high in 1966
The year 1966 saw borrowing costs rise to record levels as money markets faced severe strains. Prime rates climbed to 6 percent, the highest in nearly four decades, amid tight money, Viet Nam war demand, and a rate war between banks and savings institutions. Bond yields jumped in late summer, with long-term government notes moving from 4.48 to 5.05 percent, and corporate callable bonds rising to 6.35 percent. Regulators imposed ceilings on some deposits, a major Detroit bank failed, and James Saxon left the comptroller post, to be replaced by William Camp.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
Savings and Loan Associations
Fédéral Reserve
Federal Funds
Federal Reserve Board
Federal Deposit Insurance Corporation
Mutual Savings Banks
Public Bank of
Detroit
U. S
James J. Saxon
Johnson
William B. Camp
Saxon