The new old danger

THE “reinflation play” is the latest trading strategy on Wall Street—and one that reflects a fast-disappearing faith in Alan Greenspan. As the chairman of the Federal Reserve has presided over five interest-rate cuts this year, each of 50 basis points, the reaction of the markets has turned from euphoria to nervousness. A growing number of investors fear that he may have cut too far, too fast—and they are looking for investments that will pay off if easier money results in higher inflation.