Fed Musi Decide ..  On	Aiili-lnflation	Step: News Analysis
The pressing economic question of the day is: What action will be taken in the next few weeks by the Federal Reserve Board, that semiautonomous group that regulates the NationÛªs money supply?</br></br>Bither way it moves, to increase the amount of money or slow the flow, will effect to some degree interest rates, prices, wages, stocks, profits, savings, jobs, urban development, buying decisions, production.</br></br>The Board's job, in its own words, is ÛÏto foster a flow of credit and money that will facilitate orderly economic growth, a stable dollar, and a lone-range balance in our international payments.Û now being fulfilled perfectly, but the Board ideally should have the assistance of fiscal policy, which means government policy on taxing and spending.</br></br>Since spending probably wonÛªt be cut and taxes probably wonÛªt be raised soon, the entire job of containing inflation currently falls on the Board.</br></br>This puts the managers of our monetary system in a terrible predicament, and a dangerous one. If it moves to tighten money supplies, some businessmen who remember last yearÛªs credit crunch might I be inclined toward panic. Yet I it must not permit runaway in- i flation by making borrowing! easy.