Business: Inflation: The Big Fight Opens

Stage 2 had better succeed if a recession is to be avoided

STOCK MARKET SUFFERS RECORD ONE-WEEK LOSS. DOLLAR SCRAPES NEW LOWS. INTEREST RATES SOAR, PINCHING BORROWERS. Different combinations, but the same old dismal headlines; congressional passage of the long-awaited tax and energy bills changed them not at all last week. So what else is new? This week one highly significant element: President Carter goes on TV to start his most serious attempt yet to douse the raging U.S. inflation that is the basic cause of all the other economic damage.

In a speech...

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