Maybe the Council on Wage and Price Stability is not the 90-lb. weakling in the Administration's anti-inflation lineup after all. Established 4½ months ago with a mission to "monitor" prices but no authority to order rollbacks, the council seemed pusillanimous in its first effort of consequence: an unsuccessful attempt to jawbone big price reductions from sugar refiners early in December. But last week the council made a modest comeback. It got U.S. Steel to trim its recent price increases and pledge publicly to do its best to impose no new ones for at least six months.
Big Steel's small but still...
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