Credit Tightened Slowly By Federal Reserve
an easy credit policy. But it is not quite so easy as it .was. The difference may presage a rise in interest rates later in the year.</br></br>How far the federal reserve plans to go remains to be seen. It seems highly unlikely that the nationÛªs central bank will get downright stingy with credit. Yet, official figures strongly indicate that it is becoming a little less generous.</br></br>Officials at the board followed their customary practice today of declining to explain subtle shifts in policy and emphasis. But they openly declined to dispute the inference that the boardÛªs own figures on bank reserves point to a shading in the direction of less credit.</br></br>As yet, the shift in emphasis has produced no noticeable upward trend in interest rates The boardÛªs own discount rate still is 3 per cent. Banks still have ample supplies of loan money. There is said to be an excess of mortgage money.</br></br>Federal Reserve officials feel there is no foreseeable danger that modifying credit ease will hinder economic expansion.