WASHINGTON -- A strange thing has happened while the economy surged during the last year. The money supply -- the raw fuel for businesses and consumers -- has hardly grown at all.

Financial analysts are increasingly intrigued by this apparent contradiction, and some are warning that the slowdown in the money stock is signaling that a sour economy will set in sometime next year. "There are increasingly worrisome signs that the U.S. economy will have a hard landing in 1995, not a soft landing," says Lacy Hunt, chief economist for HSBC Holdings Inc.

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