Fed raises discount rate to 6 percent
Citations (1)
- Lords of Finance whole source · open book
On August 8, after the market had closed, the New York Fed announced that it was raising its discount rate from 5 percent to 6 percent. The next day the Dow plunged 15 points in frantic trading, the largest daily decline in the index’s history.
chapter: 16. INTO THE VORTEX - 1928-29