WASHINGTON - A year after his election, President Clinton finds himself in charge of an economy that is showing renewed spark while interest rates remain low. This is despite last week's bond market selloff.

Increasingly, administration officials find they are comfortable with the blend of low rates, low inflation, and mild growth. Alicia Munnell, the Treasury's assistant secretary for domestic finance, signaled the administration's satisfaction last week. While job growth remains too slow, "the recent readings on the economy suggest a much-improved pattern is beginning to emerge," she said.

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