Credit crunch fears rise with higher interest
The AP reports rates for short term Treasuries and bankers' acceptances hit records as the Fed's discount rate moves up and banks' prime rates climb. Economists warn against a repeat of 1966 credit tightening though caution remains that money supply growth may slow, affecting mortgages and auto loans. Industry data show steel output up 0.8 percent and auto production dipping due to the Christmas holiday.
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Italian sculptor Ettore Colla dies at 69 in Paris
Ettore Colla, noted avant garde Italian sculptor and Brancusi disciple, died at 69. Born in Parma, he studied in Paris, won a 1933 Venice Biennale prize, and founded an avant garde group in 1941. He built a 36 foot iron spiral for Spoleto Two Worlds Festival.
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