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Regan reverses promise of big economic upturn

By With Analysis From Monitor Correspondents Around The World, Edited by Anne Shutt / June 14, 1982


Although the administration still expects a modest economic recovery later this year, it will be far from the dramatic turnaround predicted earlier, Treasury Secretary Donald Regan said Sunday.

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Regan, interviewed on Cable News Network, said he expects short-term interest rates to drop by about 2 percent to 14 percent by year's end in contrast to his promise a few months ago that the economy would ''come roaring back'' by midyear.