THE ECONOMY: Is Inflation Whipped?

In White House executive offices and at the Treasury, Administration economists last week were quietly celebrating a victory that seemed too good to be true: by all accepted standards, the longstanding threat of inflation appeared to be whipped. Success in a series of key battles, the economists agreed, is winning the war against price upcreep. Ahead for the U.S.. said these prophets with only a pinch of caution, is a new era of steady growth and price stability.

Their confidence was based on the belief that, for the first time in a generation, U.S. fiscal (budget) and monetary (credit) policy...

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