The conquest of inflation was a landmark accomplishment with enduring benefits, but it came with heavy costs. After a brief recession in 1980 and a short rebound, the economy slumped deeply in 1981 and 1982
We do not have, never have had, and never will have an opinion about where the stock market, interest rates, or business activity will be in a year from now
Here were financial people who could seriously consider that stocks are less safe because they have declined in price than they were after they had advanced in price
The investor does not have to be an expert in macro-economic theory.
While the Fed had no explicit mandate to focus on the stock market, the effects of the run-up in prices seemed to me a legitimate concern
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