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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (3421)	7/16/2002 5:45:14 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 207446

Part 1 Greenspan Blasts US Businesses, Cites 'Infectious Greed' Federal Reserve Chairman Alan Greenspan on Tuesday issued a rare condemnation of U.S. businesses, saying they were gripped by an "infectious greed" in the late 1990s for which the country is now paying a steep price. But he suggested the Fed sees no need to give the economy a new dose of stimulus. Delivering a semiannual report on monetary policy to Congress, Greenspan sought to reassure investors and consumers about the inherent strength of the U.S. economy, which he said is growing faster than the Fed expected just six months ago. He said the central bank expects the economy to grow 3.5% to 3.75% this year, and up to 4% next year. Fed Forecasts US '03 Jobless Rate In 5.25% To 5.5% Range The Federal Reserve Board on Tuesday raised its expectations of U.S. economic growth this year, saying it expects the combination of monetary and fiscal policy to boost demand in coming quarters. The unemployment rate is expected to fall over the next year, the Fed said. The unemployment rate will average 5.25% to 5.5% in the fourth quarter of 2003, down from an estimated 5.75% to 6% in the fourth quarter of 2002, the Fed said. The central bank said the "central tendency" of its top policymakers calls for the U.S. gross domestic product to expand by 3.50% to 3.75% between the fourth quarter of 2001 and the fourth quarter of 2002. That marks a substantial increase from the Fed's forecast of 2.50% to 3.0% in February. Treasurys Mixed Amid Equities, Data And Greenspan U.S. Treasury prices were mixed in midmorning trading Tuesday, amid weakness in equities, a surge in manufacturing activity for June and optimistic comments upon the economy by Federal Reserve Chairman Alan Greenspan. At 10:15 a.m. EDT (1415 GMT), the benchmark 10-year note was at 101 31/32, up 1/32 to yield 4.62%. The 30-year bond was at 99 22/32, down 7/32 to yield 5.40%. Greenspan: Senate Corp Governance Bill Is 'To The Point' Federal Reserve Chairman Alan Greenspan on Tuesday expressed his support for the bill the Senate approved late Monday cracking down on corporate accounting fraud. "In general, I find the elements within the bill that you just passed strike me as really to the point as to what needs to be addressed," Greenspan said, answering questions from the Senate Banking Committee after delivering his semiannual report on the economy. Greenspan Says Laws On Stock Options Aren't Needed Federal Reserve Chairman Alan Greenspan said Tuesday that Congress doesn't need to enact laws to require corporations to account for stock-options as expenses because that is happening anyway. Testifying before the Senate Banking Committee, Greenspan said he expects the Financial Accounting Standards Board to rule appropriately on the matter. But recent announcements by the Coca-Cola Co. and the Washington Post Co. show that U.S. companies are moving in that direction on their own, he said. Greenspan Makes Unusual Bid To Stem Dollar Negativity In a move that struck currency strategists as unusual, Federal Reserve Board Chairman Alan Greenspan sounded a cautionary note Tuesday about forecasts the dollar may continue to weaken in his semiannual testimony to Congress Tuesday. In referring to "a consensus in foreign exchange markets that the dollar is in the midst of a secular decline," Greenspan "wants to add a note of caution and he is trying to calm markets and quell sharp adjustments" in the dollar's exchange rate, said Michael Woolfolk, currency strategist with the Bank of New York. =US Stocks Mixed; Techs, Greenspan Pushing Oversold Rally Here we go again. After dropping sharply earlier in the session, the U.S. equities markets are trying to gain some footing Tuesday, with the Nasdaq Composite Index in positive territory and the Dow Jones Industrial Average significantly off its lows. "I think that we're seeing the beginning of an oversold rally," said James Park, senior vice president of equities trading at Brean Murray. "When you see industry laggards outperform that's the beginning of a rally in the market but as in terms of how sustainable it is, that's another story." =FED WATCH: Greenspan Side Steps The Quick Pick-Me-Up Many stock investors were looking for a quick pick-me-up from Federal Reserve Chair Alan Greenspan Tuesday, and based on the reaction of equities markets and economists, they didn't get it. But even if Greenspan's prepared testimony before the Senate Banking Committee failed to provide an instant injection of inspiration and confidence, most economists agreed markets may have gotten something better: a generally favorable assessment of the economy. (END) Dow Jones Newswires 16-07-02

To: GROUND ZERO™ who wrote (3421)	7/16/2002 5:49:34 PM
From: Chip McVickar	Respond to of 207446

Part 2 DJ. Special Summary Of Fed Chairman Greenspan's Testi... - Part 2 "It is not possible for productivity to advance at the pace that it did in the six months ending March 31," Greenspan told the Senate Banking Committee. "Indeed the second quarter, as best we can judge, shows some continued productivity gains, but they're nowhere what they were previously." Greenspan:Need To Review Disclosure With Respect To GSEs Federal Reserve Chairman Alan Greenspan on Tuesday said the issue of disclosure among government-sponsored enterprises needs to be examined further. GSEs, such as Fannie Mae and Freddie Mac, are exempt from the registration and periodic reporting requirements of the federal securities laws. Greenspan: Investor Confidence Not Reversed 'Overnight' Federal Reserve Chairman Alan Greenspan on Tuesday said weakening investor confidence is not easily reversed. "Confidence is a difficult thing to put your finger on. You don't reverse investor, consumer or other confidence overnight or by any particular action by anybody," Greenspan said, answering questions from the Senate Banking Committee after delivering his semiannual report on the economy. =BIG PICTURE: While Wall St Frets, Fed Gets More Upbeat While Wall Street seems to be getting ever more despondent about the economic outlook, the Federal Open Market Committee's expectations are going in the opposite direction. According to the FOMC's semiannual Monetary Policy Report to Congress released Tuesday, the Committee now has a more upbeat outlook for the economy in the second half of the year than it did when it released its report in February. The latest report included some upward revisions to the central tendency forecasts for real gross domestic product growth this year and a lower forecast unemployment rate at year-end than the report. (END) Dow Jones Newswires 16-07-02

To: GROUND ZERO™ who wrote (3421)	7/16/2002 5:50:02 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 207446

DJ. Greenspan/GSEs -2:Tsy's Fisher Testifying On GSEs Tuesday WASHINGTON (Dow Jones)--Federal Reserve Chairman Alan Greenspan on Tuesday said the issue of disclosure among government-sponsored enterprises needs to be examined further. GSEs, such as Fannie Mae and Freddie Mac, are exempt from the registration and periodic reporting requirements of the federal securities laws. However, Fannie Mae and Freddie Mac announced an agreement Friday with federal regulators to voluntarily register their common stock with the Securities and Exchange Commission and adhere to federal corporate disclosure requirements starting next year. The issue of GSEs and disclosure arose when Greenspan was asked whether the Tennessee Valley Authority, now exempt from SEC jurisdiction, should continue to be exempt. Greenspan said he wasn't familiar with the TVA issue, but noted that Treasury's Undersecretary for Domestic Finance Peter Fisher would be testifying about GSEs later Tuesday. "I do not know what the consequences of the testimony are this morning, but I do think that issues such as you raise should be examined to determine what the appropriate role of GSEs and related organizations are with respect to questions of disclosure," said Greenspan, answering questions from the Senate Banking Committee after delivering his semiannual report on the economy.