The U.S. economy roared into the 21st century like a bullet train last quarter, and the vibrations it created were rattling the china on Wall Street last week. Stock prices plunged on fears of higher inflation and rising interest rates, but neither of these variables seems likely to derail the economy this year or possibly even next.
The Commerce Department report released on Friday amounts to an impressive display of resilience. Business activity grew at a breakneck rate of 5.8% in the final three months of the year, faster than most experts had predicted. The surge in output lifted 1999's total...
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