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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (200091)10/24/2002 4:16:43 PM
From: Bocor   of 436258
 
DJ Ferguson/Deflation -2: Investing Not Always A Smooth Path

LONDON (Dow Jones)--U.S. Federal Reserve Vice Chairman Roger Ferguson said Thursday that he sees no immediate threat of deflation in the U.S. economy.

"I see no serious danger of an anxiety provoking deflation," he said.

"Inflation has got quite low and we'll continue to monitor it, but right now deflation is not a clear and present danger," Ferguson told an audience of business leaders at the London Business School.

Ferguson said earlier that he believes the current deflating of the late 1990s stock market bubble wouldn't detract from future investment intentions. While he acknowledged that too much investment may have taken place in recent years, he said that this happened as part of the nature of capitalism. "You get over the investment then you shake out, then you think again," he said. "It's not always a smooth upward path."

Ferguson defended the Fed's record on managing the economy and said there was little it could have done to prevent the bubble in asset prices. Not only is it difficult for a central bank to recognize a bubble when it's developing, but also the tools it has aren't "well calibrated" enough to deal with it, he said.
-By Gonzalo Vina, Dow Jones Newswires; 44-20-7842-9497; gonzalo.vina@dowjones.com

(END) DOW JONES NEWS 10-24-02

03:48 PM- - 03 48 PM EDT 10-24-02
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