Don't Write off The New Economy as Dead

CAMBRIDGE: Until recently America's booming New Economy reigned supreme: no inflation to speak of, stocks at all time highs, four years at over 4% growth, full employment, and budget surpluses. To that vision even cynics surrendered. Now everything looks different. Signs of inflation in product and labor markets loom; the only question now is whether the economy will slow quickly by itself or whether the Federal Reserve Board must beat it into the ground by quickly raising interest rates.

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