OUTLOOK: A Pickup in Momentum

By now, it is scarcely news that the economy is climbing out of recession; but last week brought fresh evidence that the recovery, at least for the moment, is proceeding faster than expected and some of the darkest clouds hanging over it are dispersing.The signs:

> The Federal Reserve Board cut bank reserve requirements, in effect allowing banks to increase their loans to consumers and businessmen by about $2 billion. The action will help calm money markets that had been nervous about the W.T. Grant Co. bankruptcy and the continuing financial woes of New York City. It is...

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