Wall Street cautious
NZPA-Reuter New York By WALTER PFAEFFLE A cautious mood prevailed again on Wall Street on Wednesday, as deepening worries about inflationary prospects sent prices lower in very slow trading.
The chairman of the Federal Reserve board (Mr Arthur Burns) expressed this concern when he told the Joint Economic Committee of Congress that increased federal spending could be inflationary. President Carter has sent to Congress an amended version of the previous administration’s 1978 budget proposals, raising federal spending to $U5459.4 billion; the resultant deficit of $57.5 billion would be $10.7 billion more than President Ford had proposed. The market is really concerned that Congress" might expand Carter’s economic proposals in an inflationary : way,” said Newton D. Zinder, an analyst at E. F. Hutton 'and Co, Inc.
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Press, 26 February 1977, Page 17
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128Wall Street cautious Press, 26 February 1977, Page 17
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