What does the future hold?

Challenges Ahead

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The world had changed when money-market traders woke up on the first Monday in October 1979. Over the weekend, the US Federal Reserve had unexpectedly authorised a complete change in US monetary policy. With inflation soaring into double figures and the economy overheating, the Fed announced it would both rein in money supply and crank up interest rates.

Dan Borge, a former aircraft designer at Boeing, had been drafted in to Bankers Trust in New York a year earlier to build models for the

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