FED'S JOHNSON SEES INFLATION CONTROLLED

  Federal Reserve Board Vice Chairman
  Manuel Johnson said inflationary pressures are under control
  and noted "wage and price pressures are very moderate."
      Johnson told a women's group that the U.S. was not seeing
  the kind of cost pressures of the past.
      He said the trade imbalance was a serious trouble spot and
  strong protectionist pressures, if translated into policies,
  could ultimately lead to higher inflation and a high interest
  rate policy by the Fed.
  

