The outlook: modest slowdown, steeper prices, higher stock market
Recession will strike the U.S. economy later this year, but the slowdown will be shallow and brief.
Inflation will continue to oppress the nation, though prices will be rising at a somewhat lower rate at year's end than they are now.
Interest rates will continue to climb for several more months and then begin to decline rather substantially.
Unemployment will start to march up, and by Christmas roughly 1 million more Americans will be out of work.
The U.S. trade deficit will diminish this year, but the dollar will remain weak against the mighty German mark and...