31.   Tighter credit policy, many observers now believe, could endanger the economic expansion.

32.   Touching on the trends and effects, Chang said there would be tighter credit structures and increased pricing, of up to double the spreads.

33.   In addition to upsetting the markets, the Fed move provoked a sharp reaction from the White House, which feared that tighter credit would stifle the economic recovery.

34.   Economists said Bank Negara might be forced to return to a regime of higher interest rates and tighter credit by the fourth quarter of the year to cool inflation.