Word: boarded
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Dates: during 1990-1999
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...hasn't the Fed officially warned that it has a "bias" toward making money and credit tighter? Yes, allows the board, but the Fed may already have accomplished as much tightening as necessary--or maybe more--by subtle measures. True, it may kick up the "Fed funds" (very short-term) interest rate it controls by a modest quarter percentage point at its rate-setting meeting at the end of June--"just to prove it can do it, for practice," in Farrell's words. But such a move has been so widely expected, and discounted, that board members think...
...only reason interest rates are even as high as they are now, says Charles Clough, chief investment strategist of Merrill Lynch, is "the bond market's proclivity to identify growth with inflation." But that proclivity, in the board's opinion, is simply wrong: there is no inflation threat scary enough to push the Fed into drastic action. Prices did spike abruptly in April, but that, says Clough, was due largely to a speculative rise in industrial commodity prices that "has already lapsed." Though Asian countries are starting to recover from the crisis that knocked demand and commodity prices...
...does all this mean that the economy and the stock market will roll merrily along to ever greater heights? On that, board opinion divides sharply...
...models have predicted a slowing of growth and modest rises in unemployment and inflation; the exact opposite has happened. So forecasters must search for new models, and it's anyone's guess who will find the most accurate one. But unless something happens that is much worse than any board member foresees, the outlook for the economy recalls the old gag about sex: when it's good, it's marvelous--and when it's only so-so, it's still pretty good...
...Belgrade's military chiefs went back to the planning board. Instead of the massive "sweep" of the original attack, they developed a wickedly clever alternative: a series of smaller sweeps against the K.L.A. that would be combined with a wholesale assault on the civilian population. This two-punch would have the double purpose of depriving the K.L.A. of ground support and permanently altering Kosovo's demographics. Cities and towns would be emptied to depopulate the province. The VJ would shell villages so the police and paramilitaries could move in to put the population to flight, torch their houses and kill...