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 despite last week's selloff in the bond market.

Increasingly, administration officials find they are comfortable with the blend of low rates, little inflation, and mild growth. It is also a mix that has proved much to the liking of the Federal Reserve and created an environment that has helped to fuel this year's solid gains in stocks and bonds.

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