The Fed chairman began a series of appearances before Congress with a sheaf of good news: The US economy is holding to its course of high employment, steady growth, and low inflation. Asia's travails, he opined, will have only a mild impact on the United States; some of that effect - lower prices on some goods, a slight braking to US GDP growth - will actually be salutary, he said. Budget advice to Congress: Don't spend surpluses that have not yet materialized.
Greenspan Speaks
The Fed chairman began a series of appearances before Congress with a sheaf of good news: The US economy is holding to its course of high employment, steady growth, and low inflation. Asia's travails, he opined, will have only a mild impact on the United States; some of that effect - lower prices on some goods, a slight braking to US GDP growth - will actually be salutary, he said. Budget advice to Congress: Don't spend surpluses that have not yet materialized.
