The Fed raises rates in a depression

Citations (1)

• Lords of Finance whole source · open book

  And so early that October, in the midst of the Depression, as bank runs raged across the Midwest, thousands of businesses closed down, and industrial production contracted at an annualized rate of 25 percent, the Fed raised interest rates from 1.5 percent to 3.5 percent.

  chapter: 20. GOLD FETTERS - 1931-33

  edit

  remove

Linked events (0)

Details