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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (40738)	12/23/1998 9:56:00 PM
From: Cynic 2005	Read Replies (1) of 132070

Jordan for Fed Chairman? Any one? <<Mr. Jordan dissented because he believed that the two recent reductions in the Federal funds rate were sufficient responses to the stresses in financial markets that had emerged suddenly in late August. An additional rate reduction risked fueling an unsustainably strong growth rate of domestic demand. He expressed concern that the excessively rapid rates of growth of the monetary and credit aggregates were inconsistent with continued low inflation. Moreover, any further monetary expansion in response to economic weakness abroad could ultimately have a disrupting influence on domestic prosperity if policy were forced to reverse course at a later date to defend the purchasing power of the dollar. >>

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