Business: The Fed vs. Jimmy's Aides

Seeing slowdown instead of surge, Bill Miller declines to tighten money

As it enters the fifth year of recovery, the longest in peacetime history, the U.S. economy is throwing off conflicting signals of whether it is speeding up or slowing down. Largely because inflation-pinched consumers are reducing some spending, the output of goods and services grew at a paltry 0.7% annual rate in this year's first quarter, way down from almost 7% in last year's final quarter. Yet a batch of fairly robust statistics indicates that there...

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