The Right Call At Greenspan's Fed
Don't misinterpret Federal Reserve Chairman Alan Greenspan. He's not turning soft on inflation. On the contrary. Greenspan's decision at the recent Federal Open Market Committee meeting not to raise short-term interest rates is perfectly consistent with his New Economy view that high technology and global markets allow the U.S. to aim for faster growth without triggering serious inflation. It is consistent with his sense that official government statistics overstate inflation. And it is consistent with Greenspan's feeling that the U.S. can let unemployment fall to around 5% without automatically stoking inflationary fires.
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