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Federal Reserve Officials Split Over Phase 3 Controls
The discord centers on Burns and Hayes over phase 3 wage-price rules and keeping rates from rising. Hayes urges stronger phase 3 controls while Burns supports decontrol with potential mandatory features. Market observers expect higher rates as banks push for elevated prime rates.
MENTIONED IN THIS ARTICLE
Federal Reserve
Lou Schneider
Alliance
New York
Sidney Brown
The
Commercial & Financial Chronicle
FRB
Arthur Burns
Federal Reserve of New York
Alfred Hayes
Hayes
Federal Reserve System
Federal Open Market Committee
New York State Bankers Assn
Burns
CID
Committee
Cost of Living Council
Chase Manhattan Bank
Charles Fiero
Fiero
New York Fed Bank
Nixon