September 19-25, 1921




The Federal Reserve of New York lowers rates from 5.5% to 5% on September 21. The rest of the Fed branches match in tandem. The powerful New York Federal Reserve President (Governor pre-1935), Benjamin Strong, delivers a terse statement to the Journal. Equities seem nonplussed and drop the next day. The aggregate yield on high quality debt rallies from 4.8% to 4.5%.

Author(s): Tate

Publication Date: 19 Sept 2021

Publication Site: Roaring 20s at substack