upon further reflection, ...
<<WASHINGTON, Sept 14 (Reuters) - U.S. President Bill Clinton will make no specific mention of interest rates in a speech in New
York later on Monday, but he will say that the main economic priority should be to spur global growth, a White House official said.
''There will be no mention of interest rates in the speech,'' the official said, referring to Clinton's speech later on Monday on the U.S. stake in the global economy. The speech, scheduled for 11:50 a.m. EDT (1550 GMT), will be to the Council on Foreign Relations.
Newsweek reported in this week's edition that Clinton would issue a veiled exhortation this week to Federal Reserve Chairman Alan Greenspan to lower official interest rates, but the White House official said there would be no mention of rates.
Clinton will say ''the challenge now is to spur global growth,'' the official added. Clinton would say that low and stable inflation is critical, but he will also suggest that deflation is now also a risk, the official said.
''He will say the balance of risks (in the economy) has shifted and that we must also be concerned about deflation,'' the White House official said.
Clinton would largely echo a speech given by Greenspan on Sept. 4 in Berkeley, Calif., the official said. That speech was widely interpreted by international markets that the Fed was considering possible lower interest rates. >> |
