Greenspan repeated the opinion he gave on Tuesday to the U.S. Senate, saying that the economy was poised for expansion, and is no longer in need of a big monetary stimulus. He also said that interest rates would begin moving higher at a "measured" pace from their four-decades-low levels. After a quarter-point increase in June, the Fed Funds rate sits at 1.25%.
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Greenspan On US Economy Prospects
The chairman of US Federal Reserve System Alan Greenspan estimated the U.S. economy prospects
The chairman of US Federal Reserve System Alan Greenspan estimated the U.S. economy's growth prospects during his testimony today in front of the House Financial Services Committee.
Greenspan repeated the opinion he gave on Tuesday to the U.S. Senate, saying that the economy was poised for expansion, and is no longer in need of a big monetary stimulus. He also said that interest rates would begin moving higher at a "measured" pace from their four-decades-low levels. After a quarter-point increase in June, the Fed Funds rate sits at 1.25%.
U.S. stocks were higher, and Treasuries prices headed south, with investors gleaning from Greenspan's upbeat comments that interest rates would move gradually higher through the year. The dollar was firming against other currencies, and gold was falling below $400.
Greenspan repeated the opinion he gave on Tuesday to the U.S. Senate, saying that the economy was poised for expansion, and is no longer in need of a big monetary stimulus. He also said that interest rates would begin moving higher at a "measured" pace from their four-decades-low levels. After a quarter-point increase in June, the Fed Funds rate sits at 1.25%.
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