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Unemployment and inflation were soaring.
Consumer prices, a measure of inflation, were unchanged last month.
Unemployment and inflation were key spurs to popular revolt.
By now, the grumblings about silence inflation were becoming audible.
Some economists who worry about inflation were outraged by the rate cuts.
If the rate of food inflation were taken into account, the sales declines would be larger.
Unemployment was rife, and crime and inflation were on the rise.
As the British economist Ralph Hawtrey wrote, "Fantastic fears of inflation were expressed.
Declining oil prices, a major factor in reduced inflation, were expected to gin up business activity.
The biggest risk is if inflation were to get out of hand.
The Fed might tighten credit if inflation were to rise more than anticipated, he said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com