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Greenspan Says Economy on `Firm Footing,' Rates May Still Rise
June 9 (Bloomberg) -- The U.S. economy is still growing at a decent clip and the Federal Reserve can keep raising interest rates at a ``measured'' pace, Fed Chairman Alan Greenspan said.
``Most recent data support the view that the soft readings on the economy observed in the early spring were not presaging a more serious slowdown in the pace of activity,'' Greenspan said in testimony prepared for the Joint Economic Committee in Washington. ``The U.S. economy seems to be on a reasonably firm footing and underlying inflation remains contained.''
The chairman's views have been at odds with investors who have pushed 10-year U.S. Treasury note yields lower on expectations the economy is slowing and that the Fed can stop raising interest rates soon. The drop in yields is the ``biggest surprise'' of the past year and occurred even as the Fed tripled its overnight bank lending to 3 percent since June 2004.
Greenspan, repeating language from the Fed's last meeting in May, said that ``policy accommodation can be removed at a pace that is likely to be measured.''
The Fed's Open Market Committee has raised the benchmark rate from a four-decade low of 1 percent in eight consecutive quarter point increases. The FOMCE is scheduled to meet again June 29-30, when 65 of 67 economists polled by Bloomberg News expect the Fed will raise the rate another quarter point.
``The Fed sees monetary policy as accommodative and they'll continue to raise rates,'' said Mickey Levy, chief economist at Bank of America in New York, before the hearing.
Same `Uncertainties'
Policy makers including regional Fed bank Presidents Jack Guynn of Atlanta and Michael Moskow of Chicago have said in recent weeks that the economy remains strong, while investors focused on potential signs of weakening. Employers added 78,000 jobs to payrolls in May, about 100,000 fewer than economists expected. The Institute for Supply Management's gauge of service industries fell to a two-year low last week.
``The Fed bluffed its way through the soft patch in the economy in 2004, and are likely to put up a brave front again this year,'' said Chris Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi in New York, before the hearing.
``Policy makers confront many of the same imbalances and uncertainties that were apparent a year ago,'' such as the current account deficit and higher energy prices, Greenspan said today. ``Sharply higher prices of oil imports have diminished oil purchasing power.''
``The alternating bouts of rising and falling oil prices have doubtless been a significant contributor to the period of deceleration and acceleration of U.S. economic activity.''
Inflation
``Excluding a large but apparently transitory surge in bonuses and the proceeds of stock-option exercises late last year, overall hourly compensation has exhibited few signs of acceleration,'' Greenspan said. ``Whether that rise in unit costs will feed into the core price level or will be absorbed by a fall in profit margins remains an open question.''
Economists now expect the Fed to raise its overnight banking lending rate to 3.75 percent instead of 4 percent by year-end, based on the median economist forecast in a separate Bloomberg monthly survey conducted May 31 through yesterday. They expect growth to slow to 3.5 percent this year from 4.4 percent in 2004.
``We think that the Fed has got three more rate hikes to come, 25 basis points at each of the next three meetings,'' Ethan Harris, chief economist at Lehman Brothers Inc. in New York, said in an interview before the hearing. ``But truth is there's got to be still some uncertainty about when they stop.''
Greenspan is 79 and his term as a governor expires in January. President George W. Bush yesterday told interviewer Neil Cavuto on the Fox News Channel that Greenspan has done a ``heck of a good job'' and that it will be hard to find a replacement. The president declined to name possible candidates.
June 9 (Bloomberg) -- The U.S. economy is still growing at a decent clip and the Federal Reserve can keep raising interest rates at a ``measured'' pace, Fed Chairman Alan Greenspan said.
``Most recent data support the view that the soft readings on the economy observed in the early spring were not presaging a more serious slowdown in the pace of activity,'' Greenspan said in testimony prepared for the Joint Economic Committee in Washington. ``The U.S. economy seems to be on a reasonably firm footing and underlying inflation remains contained.''
The chairman's views have been at odds with investors who have pushed 10-year U.S. Treasury note yields lower on expectations the economy is slowing and that the Fed can stop raising interest rates soon. The drop in yields is the ``biggest surprise'' of the past year and occurred even as the Fed tripled its overnight bank lending to 3 percent since June 2004.
Greenspan, repeating language from the Fed's last meeting in May, said that ``policy accommodation can be removed at a pace that is likely to be measured.''
The Fed's Open Market Committee has raised the benchmark rate from a four-decade low of 1 percent in eight consecutive quarter point increases. The FOMCE is scheduled to meet again June 29-30, when 65 of 67 economists polled by Bloomberg News expect the Fed will raise the rate another quarter point.
``The Fed sees monetary policy as accommodative and they'll continue to raise rates,'' said Mickey Levy, chief economist at Bank of America in New York, before the hearing.
Same `Uncertainties'
Policy makers including regional Fed bank Presidents Jack Guynn of Atlanta and Michael Moskow of Chicago have said in recent weeks that the economy remains strong, while investors focused on potential signs of weakening. Employers added 78,000 jobs to payrolls in May, about 100,000 fewer than economists expected. The Institute for Supply Management's gauge of service industries fell to a two-year low last week.
``The Fed bluffed its way through the soft patch in the economy in 2004, and are likely to put up a brave front again this year,'' said Chris Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi in New York, before the hearing.
``Policy makers confront many of the same imbalances and uncertainties that were apparent a year ago,'' such as the current account deficit and higher energy prices, Greenspan said today. ``Sharply higher prices of oil imports have diminished oil purchasing power.''
``The alternating bouts of rising and falling oil prices have doubtless been a significant contributor to the period of deceleration and acceleration of U.S. economic activity.''
Inflation
``Excluding a large but apparently transitory surge in bonuses and the proceeds of stock-option exercises late last year, overall hourly compensation has exhibited few signs of acceleration,'' Greenspan said. ``Whether that rise in unit costs will feed into the core price level or will be absorbed by a fall in profit margins remains an open question.''
Economists now expect the Fed to raise its overnight banking lending rate to 3.75 percent instead of 4 percent by year-end, based on the median economist forecast in a separate Bloomberg monthly survey conducted May 31 through yesterday. They expect growth to slow to 3.5 percent this year from 4.4 percent in 2004.
``We think that the Fed has got three more rate hikes to come, 25 basis points at each of the next three meetings,'' Ethan Harris, chief economist at Lehman Brothers Inc. in New York, said in an interview before the hearing. ``But truth is there's got to be still some uncertainty about when they stop.''
Greenspan is 79 and his term as a governor expires in January. President George W. Bush yesterday told interviewer Neil Cavuto on the Fox News Channel that Greenspan has done a ``heck of a good job'' and that it will be hard to find a replacement. The president declined to name possible candidates.
"O desprezo pelo dinheiro é frequente, sobretudo naqueles que não o possuem"
Fonte: "La Philosophie de G. C."
Autor: Courteline , Georges
Site porreiro para jogar (carregar em Arcade) : www.gamespt.net
Fonte: "La Philosophie de G. C."
Autor: Courteline , Georges
Site porreiro para jogar (carregar em Arcade) : www.gamespt.net
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e cá está o Greenspan...
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