FOR weeks, Washington has been waiting for Lyndon Johnson to fill a looming vacancy on the seven-man Federal Reserve Board, expecting his choice to signal whether the board will stress easy or tighter money. Last week, Johnson took the trodden path: he reappointed James Louis Robertson, 56, whose term officially expired in January, to another 14-year term as governor. Robertson agrees with Johnson that the thriving U.S. economy is not yet in a boom and thus needs no hike in interest rates to restrain its growth. Says he: "I don't intend to...
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