Fed Backs Inflation Fight: The Federal Reserve...

Fed Backs Inflation Fight: The Federal Reserve Board, led by Chairman Alan Greenspan, has agreed to support a far-reaching congressional resolution that directs the nation’s central bank to “eliminate” inflation within five years, according to government sources. Passage of the resolution would provide additional political backing for a further attack on inflation, which a majority of Fed policy-makers already favor. Its introduction, and Greenspan’s backing, could lead to a sharp political debate involving the Bush Administration over national economic goals and how to achieve them.