MONEY: Deficits Decline

Things were looking up last week for the nation's two most important deficits:

> The U.S. balance of payments deficit in April was the lowest in nearly a year—little more than $100 million according to estimates by Alan Greenspan, a member of TIME'S Board of Economists. That figure was way down from $1.3 billion in March and $1.6 billion in February, let alone the $8.8 billion payments gap last August. The biggest boon last month was that more U.S. investment funds stayed home instead of seeking a higher return abroad. Some European interest rates have fallen lately. Meanwhile, short-term rates...

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