U.S.: When Bad Quarters Happen To Good Economies

Growth stalled. But Greenspan sees inflation, not weakness, as the No.1 risk

In a word, the economy's performance so far this year has been "impressive." So said Federal Reserve Chairman Alan Greenspan in his semiannual testimony on monetary policy before Congress. What Greenspan also acknowledged, however, is that this impressive expansion hit a speed bump in the second quarter. As the chairman succinctly put it: "Growth of U.S. output appears to have slowed sharply."

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