Regional President Speech

(COMffiiTTS BT KRB KDR VCAU - TV: Shaw - 1:00 p.m. March 7, 1953) Credit is not like water in a pipe line whose flow can be speeded up or reduced simply by turning a valve. The tools with which the Federal Reserve System operates in the credit field are not as precise as that. What the System can do, is to make reserves - which are the basis of credit - more readily available when employment and business are declining. The System has done this lgr reducing reserve requirements and through Open Market operations. As credit has become more generally available, market rates of interest have declined. The discount rate was then reduced to bring it more nearly in line with the lover market rates. All of these actions are related to each other and were taken to promote economic recovery fcy Making reserves and credit cheaper and sore plentiful. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1958, March 6). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19580307_karl_r_bopp

@misc{wtfs_regional_speeche_19580307_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1958},
  month = {Mar},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19580307_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}