AS the Federal Reserve Board alowed a few more steps last week to tighten credit (see State of Business), more and more Wall Streeters wondered whether the FRB can control a new inflationary upsurge as well as it did during the 1955-57 boom. How widespread these doubts are was reflected in the stock market, where stock prices during the week rose to a new high for the year. Wall Street was highly skeptical about the power of the FRB because, in trying to control the new inflation it fears, the FRB is up...
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