Market Turmoil Persists Amid High Rates and Sluggish Growth
New York markets face persistent high interest rates that outpace inflation, with one year Treasuries above 9 percent. Analysts doubt immediate rate cuts from Reagan or Volcker, even as 1984 growth may slow. Dow falls, bond yields widen, and traders weigh the impact on profits amid weathered consumer spending.
MENTIONED IN THIS ARTICLE
New York
Treasury
Wall Street
Reagan
Paul Volcker
Federal Reserve
Barron’s
Credit demand seen rising
US credit demand is expected to rise in 1984 per Morgan Guaranty and Salomon Brothers. Government borrowing may reach about $195 billion, rates on interbank loans rising to 10–11 percent, and 30-year Treasuries around 13 percent. Municipal issuance should drop modestly due to prior issuances and potential federal limits, while corporate financing shifts to equity and short-term loans. Mortgage debt is set to surge with refinanced and variable-rate products increasing.
MENTIONED IN THIS ARTICLE
New York
United States
Morgan Guaranty
Salomon Brothers
Treasury
Congress
Futures close lower on grain and metal markets
On the Chicago Board of Trade grain and soybean futures fell sharply and failed to recover through the week. Wheat March settled at 3.38% a bushel, corn 3.23% a bushel, oats 1.801% a bushel, and soybeans 7.32 a bushel. Livestock prices on the CME also eased with live cattle, feeder cattle, hogs, and frozen pork bellies down. Gold finished the week slightly lower on the NYMEX, silver rose, and copper moved lower.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Chicago Mercantile Exchange
Commonwealth Edison Faces Byron NRC Setback and Costs
Commonwealth Edison, long praised for on time plants, now faces a first unconditionally denied license for Byron nuclear unit due to quality assurance failures. The setback sparks CreditWatch by S&P and possible higher consumer rates, as inflation and design changes inflated Byron to $3.35 billion. Nuclear regulatory actions and prior NRC fines color the utility’s fragile momentum amid wider industry troubles including Marble Hill and Diablo Canyon.
MENTIONED IN THIS ARTICLE
Sharon Cohen
Associated Press
Chicago
Commonwealth Edison Co
Three Mile Island
Washington
Diablo Canyon
Marble Hill
Commonwealth Edison
Mark Luftig
Salomon Bros. Inc
New York
Illinois
America
Nuclear Regulatory Commission
Byron
Standard & Poor’s Corp
NRC
NRC Atomic Safety and Licensing Board
Quad Cities
Nader Group
Illinois Prairie
Illinois Commerce Commission
ICC
General Public Utilities
Pennsylvania
Pacific Gas & Electric
California
WPPSS
Washington State
Public Service Indiana
Ill
British consumer spending up 1983 fourth quarter rise
Britain's Central Statistical Office reports consumer spending rose 1 percent in Q4 1983 from Q3 and was 3.1 percent higher than Q4 1982. For all of 1983 spending grew 3.7 percent, driven by higher retail sales which accounted for just under half of total spending.
MENTIONED IN THIS ARTICLE
London
Britain
Central Statistical of
Fice
Also Mentioned on This Page
Edward Yardens
Prudential Bache Securities
Commodity Exchange
New York Commodity Exchange
Commonwealth
Ally
Braidwood
John Hogan
Michael Totten
Critical Mass Energy Project
Ralph Nader
Hogan
Jim Toscas
Linn County
Allen's
Iowa
Inuvenes
BUICK
Cadillac
S.E
Cedar Rapids
Telephone
Bob Shaffer
Bob
Iowa-Illinois
Third Street
Heating Service CO
Amana
As & Electric
A Wes
Office & Services Inc
Center Office & Services Inc
Wiveny
Saree
Office & Services, Inc
Loo, Corporation
C4 Services Inc
Pera Ciners
2Nd St
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