STATE OF BUSINESS: Brake on the Boom

Is the boom headed for a sharp upturn or a slide? For months the question has split official Washington. One faction, which includes President Eisenhower's Council of Economic Advisers, worried that business was slowing down, kept a wary eye on such soft spots as autos and farm prices. But the Federal Reserve Board leaned in the opposite direction, convinced that the boom was still picking up speed so fast that it might get out of hand. Last week the Federal Reserve governors decided it was time to put more checks on credit and industrial expansion. With a flourish of...

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