Nation: Right Move at the Eleventh Hour

TIME Board of Economists generally backs the Fed's decision

Belated and drastic, but unavoidable. That is the majority opinion of TIME'S Board of Economists about the Federal Reserve Board's severe credit-tightening moves. Only one of the ten board members flatly opposed the new policy. The rest generally thought the Fed's actions would help bring down inflation at last, though slowly, at the price of a recession that most still believe will be less severe than the 1973-75 slump, but deeper than was thought a few months ago. Several cautioned, however, that continued turbulence in...

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