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Economy / Prime Rate #270020

CBS Evening News for Wednesday, Apr 02, 1980
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(Studio) Incr. in prime lending rate announced; details given.
REPORTER: Walter Cronkite

(NYC) Effects of latest prime rate increase by Chemical Bank on overall economy examined; prime rate incrs since last September graphed on screen. [Chemical Bank economist Frederick DEMING - comments.] Impact on auto dealers, construction firms, clothing companies, oil wholesalers outlined on screen. Criticism of latest increase noted. [Argus Research Corporation spokesperson Joseph McALINDEN - predicts severe recession.] Federal Reserve Bd.'s efforts to protect consumer on current credit squeeze detailed.

(Studio) Federal Reserve chairperson Paul Volcker's assessment of situation quoted.
REPORTER: Walter Cronkite

Brady, Ray;
Cronkite, Walter

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