THE ECONOMY: Cooling Off Inflation

When some of Richard Nixon's Wall Street supporters recently presented him with a two-foot-high stuffed bull, the President reiterated that "I think next year is going to be a very good year." Then, with the election well in mind, he added: "It better be." One happy sign is already clear this year: the Administration is at last making progress against inflation. For the year's first quarter, the consumer price index advanced at an annual rate of only 2.7%, which was less than half the pace that it maintained last year, and the lowest rate since inflation rolled into high...

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