Fed Chairman Greenspan Says US Economy Moving Toward

Oil Daily, The, July, 2002

Fed Chairman Greenspan Says US Economy Moving Toward Recovery, But Slowly

Federal Reserve Chairman Alan Greenspan, in an address containing no surprises, told the Senate Banking Committee on Tuesday that the US economy is moving toward full recovery but will continue to feel the effects of last year's recession in the short term.

"The effects of the recent difficulties will linger for a bit longer, but as they wear off, and absent significant further adverse shocks, the US economy is poised to resume a pattern of sustainable growth," Greenspan said in his semiannual report on the economy.

Greenspan gave no indication that the Fed would move from its policy of keeping interest low and many economists now believe it will not changes rates through the...