STATE OF BUSINESS: The Postcardiac Bulge

"The boom cannot continue at the pace set this year," warned Banker Howard C. Sheperd, chairman of the First National City Bank of New York. "We have to accept some slowing down and prevent inflation from leading us into a cycle of boom and bust." In Washington last week, the Federal Reserve Board agreed. Since April, FRB has been gently applying the credit brakes, has three times boosted the rediscount rate on funds borrowed by member banks. But now the FRB found that it must apply the brakes harder; the boom apparently has too much momentum to be easily...

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