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Chicago Fed Letter, No. 18, February 1989
1989 Outlook: Steady, Sustainable

 Financial markets—burdened by large federal debt financing needs and dependent on foreign capital inflows—will be vulnerable to swings in exchange rates and bond prices. But most manufacturers should enjoy further expansion in 1989, supported by rising investment, favorable exchange rates, and expanding exports. For the industrial Midwest, the anticipated good fortune of manufacturers is welcome news.

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