Rate increases are indeed necessary, Mr. Blinder says, when future inflation threatens.

When inflation threatens, the Germans have always thrown diplomacy and solicitude for their neighbors to the winds, and they did so again last week.

As the 1970s progressed, although New College's academic program continued to mature, inflation threatened to undermine the economic viability of the institution.

So long as the government runs a huge budget deficit, approaching 9% of GDP this year, inflation threatens to return.

Some investors buy gold when inflation threatens the value of other assets.

Many investors think the Fed will not rescind the third, with inflation so low and fears of Year 2000 computer problems threatening market tranquility.

High inflation threatens domestic industry and undermines gains in living standards.

The data provided the latest evidence that inflation was not threatening the economy.

As a result, they seem less inclined to raise rates before they are sure that inflation threatens the long expansion.

Nor does the higher cost of nickel, aluminum and gold mean that inflation is threatening.