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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Dealer who wrote (46974)1/24/2002 11:48:11 AM
From: Sully-  Read Replies (1) of 65232
 
Greenspan says could have worded Jan 11 speech better

WASHINGTON, Jan 24 (Reuters) - U.S. Federal Reserve Chairman Alan Greenspan said on Thursday he should have used better wording in a speech he made on Jan 11, which was taken by financial markets as being pessimistic on economic prospects.

``What I was trying to do in that particular speech was to look at the American economy, which has been battered fairly brutally ... by a very sharp contraction ... and then followed up on Sept 11 with a tragic set of events, which in the past I would have suspected Ga???d have breached the underlying confidence ... and created a really deep-seated problem for us,'' the Fed chairm Du Du'? DI DA1/2? DI? IN1/2 KA IO?estions at the Senate Budget Committee.

``It turned out that we showed a far greater degree of resiliency and flexibility and the economy stabilized,'' he said. ``I was trying to make that point without getting to an issue of whether we were going to snap back quickly or not so quickly. The markets had been assuming a far more rapid snapback than I frankly think is likely to happen.''

``That created, unfortunately, phraseology which in retrospect I should have done differently which implied that I didn't think the economy was in the process of turning, and I tried to rectify that in today's remarks,'' Greenspan said.

biz.yahoo.com
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