In its midyear report to Congress on monetary policy, the Federal Reserve projected an economy that would grow moderately in real terms during the second half of this year and through 1993. Inflation was expected to remain generally repressed.

I would say this is the minimum tolerable growth in real gross domestic product, in view of our unhappy social and economic circumstances. A somewhat faster recovery would certainly be preferable.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.