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Technology Stocks : Ascend Communications (ASND)
ASND 206.52-1.2%3:59 PM EST
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To: Dennis R. Duke who wrote (48503)6/10/1998 11:52:00 AM
From: som  Read Replies (1) of 61433
 
NEW YORK (CNNfn) - Federal Reserve Chairman
Alan Greenspan said Wednesday that the "robust"
U.S. economy is benefiting from "subdued inflation"
and "strong" domestic spending but will continue to
be affected by weakness in Asia.
In his prepared speech before the Joint Economic
Committee of Congress, the nation's top central
banker also reiterated his concern about the viability
of the financial markets' performance in light of the
current economic strength.
Stock and bond prices have been driven "perhaps
to levels that will be difficult to sustain unless
economic conditions remain exceptionally
favorable--more so than might be anticipated from
historical relationships," Greenspan said.
But the economy is still benefiting from "a virtuous
cycle" in which low inflation and generally favorable
credit conditions lead to higher equity values and
spending, which in turn helps fuel expansion and
productivity.
Greenspan's remarks come as an increasing
number of Fed watchers say the central bank is
leaning toward a policy of higher short-term interest
rates, which represent the cost of borrowing. The
central bank's policy-setting Federal Open Market
Committee is scheduled to meet June 30-July 1.
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