Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Smart_Money who wrote (210819)	12/19/2002 10:08:24 PM
From: NOW	Read Replies (4) of 436258

AMAZING! AG echoes Bernanke: "Clearly, it would be desirable to avoid deflation. but if deflation were to develop, options for an aggressive monetary policy response are available," Greenspan said. "The expansion of the monetary base can proceed even if overnight rates are driven to their zero lower bound," he added. The Fed has the authority to purchase Treasury securities of any maturity and already does so to keep the overnight rate in line with the federal funds target, Greenspan said. "This authority could be used to lower interest rates at longer maturities. Such actions have precedent," he said. Between 1942 and 1951, the Fed put a ceiling on longer-term Treasury yields at 2.50%, Greenspan said. (MORE) Dow Jones Newswires 12-19-02 2044ET

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