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Economy / Carter Monetary Policy / Dollar / Stock Market Report #255422

CBS Evening News for Wednesday, Nov 01, 1978
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(Studio) President Carter's adoption of tight money policy reported; stock market dollar value reactions to announcement noted.
REPORTER: Walter Cronkite

(DC) [CARTER - says United States dollar decline unwarranted; Treasury Department and Fed. Reserve Board measures with regard to monetary policy announced.] Specific measures listed; higher interest rates stated.
REPORTER: Bob Schieffer

(Studio) AFL-CIO president George Meany's criticism of Carter monetary policy announcement reported; stock market report given.
REPORTER: Walter Cronkite

(NYC) Greatest single day increase in stock market history noted; United States dollar value increase in relationship to foreign currencies stated. [Chicago First National Bank chairperson Robert ABBOUD - expects prices increase to be slowed, jobs to be created by capital investment; says monetary policy will retard inflation.] Consequences of higher interest rates detailed; possibility of foreign oil price stabilization, slowing of foreign imports price increases mentioned.

(Studio) Previous greatest stock market increase 8/16/71 following President Richard Nixon's wage and price freeze announcement noted; report on response to Carter announcement on European money mkts.
REPORTER: Walter Cronkite

(London, England) United States dollar increases against European currencies listed; gold prices decline noted. [Midland Bank, Limited executive Thomas LOCKETT - believes problems of United States balance of payments and energy consumption must still be solved.] Possibility of another period of dollar value decline mentioned.
REPORTER: Susan Peterson

Brady, Ray;
Cronkite, Walter;
Peterson, Susan;
Schieffer, Bob

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