U.S.: If Growth Becomes Subdued, So Will The Fed
Federal Reserve Board Chairman Alan Greenspan's semiannual defense of monetary policy in front of Congress has become about as easy as it gets. Given the economy's exemplary performance in 1997, the only testimony necessary was to say that the economy grew 3.9%, inflation fell to 1.9%, the unemployment rate fell below 5%, and the Fed barely had to raise interest rates. Piece of cake.
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