Greenspan says economy is softening
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Manufacturing News, Source : TheManufacturer.com
Published : 13 Nov 2002 18:58
Alan Greenspan, US Federal Reserve chairman, issued a warning that sinking stock prices and growing concerns of war with Iraq are causing the economy to weaken further, despite its proven resiliency over the past year.
Over the last few months, these forces have taken their toll on activity and evidence has accumulated that the economy has hit a soft patch, said Greenspan. He also admitted that the Fed’s recent interest cuts of a more-than-anticipated half point was in direct response to the growing dangers, and he reiterated the Fed’s view in its rate cut announcement that the central bank believed the economy would be able to pull out of the current weak period.
The actions taken last week to ease monetary policy should prove helpful as the economy works its way through this current soft spot, Greenspan said.
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