Uproar over Interest Rates

Feldstein departs amid new Administration attacks on the Federal Reserve

During his two years as chairman of the Council of Economic Advisers, Martin Feldstein has become known primarily for prickly independence. While President Ronald Reagan and Treasury Secretary Donald Regan have been steadfastly happy-talking the economy and pointing to the high level of growth and low inflation, Feldstein has resolutely warned of the dangers posed by the Administration's huge budget deficits.

Last week Feldstein announced that he would be leaving Washington on July 10 to return to his teaching position at Harvard. Even as he...

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