U.S.: Greenspan Is Counting On Consumers To Lie Low

But is the lasting slowdown the Fed envisions just wishful thinking?

Given the importance of consumer spending in the outlook for the economy and monetary policy, it's not surprising that Federal Reserve Chairman Alan Greenspan devoted a large chunk of time to the subject during his semiannual report to Congress on July 20 and 25. What was unexpected, especially to the financial markets, was the somewhat dovish tone of his remarks.

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