Word: milde
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...have already begun. The complex machinery of succession, based on a collective rather than one-man leadership, had automatically gone into effect following Tito's hospitalization. At the head of the nine-member committee-like State Presidency was current Vice President Lazar Koliševski, 66, a mild-mannered Macedonian who would become the country's first interim President upon Tito's death. He would serve until May, when another committee member would take over. Tito's functions as party chief were carried out by the current chairman of the 24-member Presidium of the ruling...
...rising interest costs, which the Federal Reserve pushed up again last week by raising the rate it charges member banks to 13%, have not slowed consumer spending. Moreover, mild winter weather has made it easier to go shopping and eased the strain on home heating budgets. This has helped to fatten consumer pocketbooks, enabling people to keep on spending though wages have not kept pace with inflation...
Whatever the motivation, the spree shows no immediate signs of slackening. Retail sales in January rose an unexpectedly sharp 2.3% over the December level, and the board now foresees no downturn in the first quarter at all. After a very mild 1.7% overall decline, the members expect a return to real growth by early 1981. Indeed, some board members, including Wenglowski and Pechman, are beginning to wonder whether anything worthy of being called a recession is likely to develop...
Jimmy Carter's budget comes during a particularly troublesome economic period. The often ballyhooed mild recession that was supposed to slow price rises looks increasingly illusive. Some economists, including Harvard's Otto Eckstein and Washington Consultant Michael Evans, have withdrawn earlier firm predictions of recession and say that the economy may not decline this year. The Administration still forecasts a modest 1% drop in growth. Some indicators are surprisingly robust. Despite record high mortgage rates, housing is stronger than was expected. Says Kyle McMullin, a homebuilder in Bountiful, Utah: "People are getting used to the idea...
...Administration rosily predicts only 10.4% inflation this year, but its 1979 forecast of 7.4% price rises causes doubts about the reliability of the White House crystal ball. Most private analysts see prices increasing at about 11% this year, assuming that a mild economic downturn occurs. Without any recession, inflation may repeat last year's 13%. Reacting to the worry that worse economic news is yet to come, bond prices last week slumped dramatically and yields rose to levels even higher than those set after the Federal Reserve's credit tightening last October...