Blowing Off Some Steam

With the economy threatening to overheat, Greenspan fights to avert an inflationary explosion

What is going on here? By all accounts, the 5 1/2-year-old economic expansion should be fizzling out. Already ancient by historical standards, the upswing appeared to have suffered a devastating blow when the stock market crashed last October. But, defying expectations, the economy is still running and even blowing off enough steam to inspire fears that it may actually be overheating. Forget about a recession, many economists counsel, and start worrying about inflation. Once a faint and far-off danger, rising prices may now pose the gravest threat to economic stability.

Responding to that threat is the job, as always, of Chairman...

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