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.