The U.S. is clearly in for an extended debate on the imminence of inflation, set off in earnest by the results of the auto negotiations.
Economists attending the meeting of the National Industrial Conference Board in Manhattan last week not only split about their forecasts for next year many holding, for the first time, that a slowing or downturn is in the works but differed widely about whether the U.S. is headed for another inflationary spell. The N.I.C.B. itself seemed to have little doubt: in a special report, it declared that "it is very difficult indeed to establish economic grounds for inflation."...
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