Page 14 • The Battalion
Tuesday •January 31,
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Interest rate boost expected this week
S9
Defense Studies
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The Georgetown University National Security Studies Program
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WASHINGTON (AP) — With
Alan Greenspan calling economic
growth “torrid,” the Federal Re
serve is widely expected to boost
interest rates this week for the
seventh time in a year. That
would drive up borrowing costs
for millions of Americans.
Many analysts are predict
ing the central bank, which
Greenspan chairs, will increase
two key interest rates by one-
half percentage point, trigger
ing a similar increase in banks’
prime lending rate. The prime
is the benchmark rate for many
business and consumer loans.
“They are going to raise rates
again. There is just not enough
evidence yet that the economy is
slowing down,” said David Wyss,
an economist at DRI-McGraw
Hill, an economic consulting firm
in Lexington, Mass.
The Clinton administration
also appears resigned to fur
ther credit tightening. Asked if
the White House was braced for
another Fed rate increase this
week, presidential spokesman
Mike McCurry said, “It seems
it would be wise to do that.”
The speculation centers
around the Tuesday-Wednesday
meeting of the Federal Open Mar
ket Committee, the 12-member
group that sets interest rate poli
cy for the central bank.
The widespread expectation
is that at the close of delibera
tions, the panel will announce
the central bank has decided to
increase both its federal-funds
rate and discount rate.
The last changes in both rates
occurred on Nov. 15 when they
were increased by three-fourths of
a percentage point, the biggest in
crease in 13 years.
That left the funds rate at 5.5
percent, 2.5 percentage points
higher than it stood when the
central bank started increasing
rates on Feb. 4, 1994.
The Fed’s stated aim is to engi
neer a soft landing in which
growth slows enough to keep in
flation from getting out of hand
but not so much that the countn
is toppled into a recession.
Inflation last year remained
exceptionally well-behaved with
consumer prices rising by just 2.7
percent and the core rate-
which excludes food and energy
— increasing just 2.6 percent, the
smallest gain in 29 years.
Such figures have prompted
critics to attack the Fed’s string
of rate increases as overkill
But Greenspan, testifying be
fore Congress last week, was
unmoved by the attacks, insist
ing as he has in the past thatif
the Fed waits to tighten until
inflation shows up at the con
sumer level, it will have waited
too long.
Vol.
s
Persian Gulf Security (Anthony Cordesman)
Weapons Proliferation (Janne Nolan)
Low-Intensity Conflict (Chris Lamb)
Defense Decision Making Process (Arnold Punaro)
Emerging Security Challenges (Kenneth Adelman)
U.S. Defense Policy (Stephen Gibert)
Intelligence and National Security (Roy Godson)
Media and the Military (Loren Thompson)
Political Analysis (Michael Mazarr)
Economics of National Defense (Robert Howard)
California rain reopens battle over highway bypass
If an M.A. degree in national security studies matches your professional
needs and career goals, please call
(202) 687-5679
to receive an application package.
HALF MOON BAY, Calif. (AP) — If California
falls into the ocean one day, let history record it
began at Devil’s Slide, a winding, dangerous,
breathtakingly beautiful stretch of the Pacific
Coast Highway.
The biblical rains flooding the state recently
have turned the cliffs south of San Francisco into
a rocky mush that has begun sliding into the sea
inch by inch, taking part of the highway with it a
week ago.
In closing the road above Half Moon Bay, the
slides reopened a 30-year battle between state
transportation officials and residents of several
small communities that are insulated from urban
San Francisco by mountains and a pair of notori
ously unreliable two-lane highways.
The state wants to build a 4.5-mile, multi-lane
bypass cutting through a state park and a moun
tain to replace Devil’s Slide, which sits 150 feet
above the white surf of the Pacific.
The vast majority of about 20,000 people who
live in Half Moon Bay, Montara, El Granada and
other small communities below the cliffs fear the
bypass will open their area for development, with
mushrooming subdivisions of tacky ranch houses
replacing farm land, coastal plains and forested
mountainsides.
“The whole coast is at stake,” said Olive May
er, a local Sierra Club chairwoman who has
helped stall the bypass with lawsuits. With the
bypass, “they can turn our coast into a Long
Beach or a Los Angeles — they’d just love to cov
er our bluffs with houses.”
Engineers for the state transportation depart
ment, CalTrans, have been pushing the bypass
since the 1950s.
“It’s just going to keep on sliding, no matter
how many times we repair it,” CalTrans
spokesman Greg Bayol said.
The stretch of road known as Devil’s Slide—a
common name for the dramatic rock formations
in the area — is the remains of an abandoned
railroad bed that began crumbling the momenth
was built along the cliffs in 1906. The great Sar.
Francisco earthquake this year did the route nc
good, but it was rebuilt.
Application deadline for
the spring, 1995 semester
is December 1.
Application deadline for
the fall, 1995 semester
is August 1.
Weather
Today
Sunny with a high of 67.
Southwest winds 5-10 m.p.h.
Tonight
Clear with an overnight low
around 43. Light southerly winds.
Wednesday
Sunny. High of 75. Southerly
winds around 10 m.p.h.
Wednesday Night
Clear. Low near 50.
Thursday
Sunny. High around 78.
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