Good news for money markets, says Chase VP

A vice-president at Chase Manhattan Bank predicts good news for the nation's money markets. Philip Braverman said the Reagan administration will announce today that, because of the stronger-than-expected economic recovery, the budget deficit will be smaller than predicted and that government borrowings this quarter would be $ 5 billion below the $55 billion that had been expected, according to news sources. Lower borrowing demands by the government relieve pressures in credit markets and can lead to lower interest rates.