Why Are We So Afraid Of Growth?

Can't we do better than this?

Ever since the U.S. economy powered ahead at a torrid pace late last year, the financial markets have feared that accelerating growth would send prices spiraling. To beat inflation to the punch by cooling off the economy, the Federal Reserve Board has already raised short-term rates in three quarter-point installments since early February. And Wall Street expects more rate hikes to come, even though the economy expanded at only a 2.6% clip in this year's first quarter.

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