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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: John Pitera who wrote (47687)6/17/1999 10:50:00 AM
From: accountclosed  Read Replies (2) of 86076
 
Thursday June 17, 10:05 am Eastern Time
Greenspan says imbalances threatening U.S. economy
''While this stellar noninflationary economic expansion still appears remarkably stress free on the surface, there are developing imbalances that give us pause,'' he said in prepared testimony to Congress' Joint Economic Committee. ''The persistence of certain imbalances pose a risk to the longer-run outlook.''

While not pinning himself down on what the Fed will do when it meets to discuss interest rates at the end of the month, Greenspan said that monetary policy works best when it strives to head off future problems whenever it can.

''It is useful to preempt forces of imbalance before they threaten economic stability,'' he said. ''When we can be preemptive we should be, because modest preemptive actions can obviate the need of more drastic actions at a later date that could destabilize the economy.''

Greenspan said it was unclear whether rising equity prices had created an ''unstable bubble'' in the U.S. stock market. Regardless, he said the Fed should keep its focus squarely on product prices, since any fallout from volatile asset prices was best dealt with in an environment of low and stable inflation.


biz.yahoo.com
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