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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (7644)6/8/2004 12:55:55 PM
From: mishedlo  Read Replies (1) of 116555
 
U.S. can handle 'modest' hike, White House says
Tuesday, June 8, 2004 4:50:19 PM

SAVANNAH, Ga. (AFX) -- President Bush will assure the Group of Eight leadership that the U.S. economy is "in a position to handle a modest rise in interest rates," an administration official said at the group's summit here

The official said U.S. growth is expected to slow to a 3.5 percent clip next year from the 4.6 percent rate expected in 2004 as the economy's excess capacity is absorbed. The official briefed reporters on background, meaning his or her name could not be published

The official said that the risks of rising global interest rates and higher energy costs in potentially slowing global growth will be discussed as the heads of the eight industrial powers meet over coming days. Asked if officials might think of ways to cool demand for oil in addition to promoting production hikes, the official stressed that the discussions are not scripted and several ideas may be entertained

The official said Bush is expected to use the scope of expanding global growth to push Europe to take structural steps that could boost the region's contribution to global growth. European growth is expected to be under 2 percent this year, compared to 4.6 percent in the United States and 3.1 percent in Japan

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