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Article: Boskin presses Fed over aiding money supply; Fed official has doubts rate cuts would help. (Michael Boskin)
- Article from:
- The Bond Buyer
- Article date:
- September 24, 1991
- Author:
CopyrightCOPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Boskin Presses Fed Over Aiding Money Supply; Fed Official Has Doubts Rate Cuts Would Help
LOS ANGELES - The Bush administration yesterday issued the Federal Reserve another warning to step up growth in the money supply, but a senior Fed official cautioned that further rate cuts might not do much good.
"If money growth does not pick up soon, the Fed will have to contemplate further actions," said Michael Boskin, chairman of the President's Council of Economic Advisers, at a meeting here of the National Association of Business Economists.
The Fed on Sept. 13 engineered a round of rate cuts - including reduction of the discount rate to 5% - in a ...