Business: Recovery Forecast: Not Yet

So says the Fed chief, as money costs climb and another slump looms

Most regrettably, the year is winding up as it began: interest rates are rising, the pace of price increases is accelerating, and a growing chorus of experts and officials is warning of a downturn dead ahead. The grim prospect is of an inflation-weakened economy struggling to recover from recession, only to be knocked flat all over again by tight money and high interest—a possibility that would make 1981 as big a policymaking headache for Ronald Reagan as 1980 has been for Jimmy...

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