Page "learned" Paragraph 679

In assessing the outlook for interest rates in 1961, the question, as always, is the prospect for general business activity.

By and large, what happens to business as a whole will govern the relationship between demand and supply conditions in the capital markets and will thus determine interest rates.

Moreover, the trend of general business activity in 1961 will exert a decisive influence on fiscal, monetary, and other Federal policies which affect interest rates.