Stocks meandered all week, awaiting the resolution of the battle in the bond market over the direction of interest rates. Rates appeared to stabilize, though at higher levels than before the Federal Reserve's Feb. 4 announcement of a monetary tightening in order to ward off inflation. The markets haven't figured out yet whether Chairman Greenspan is boxing with a phantom or whether inflation is a real threat soon to emerge in full force. Until they do, markets will perform listlessly.
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