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Article: Statement to the Congress. (Statement by Allan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Joint Economic Committee, U.S. Congress, March 3, 1992)
- Article from:
- Federal Reserve Bulletin
- Article date:
- May 1, 1992
CopyrightCOPYRIGHT 1992 Board of Governors of the Federal Reserve System. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I am pleased to appear here today. Two weeks ago, the Federal Reserve submitted its semiannual report on monetary policy to the Congress.(1) That report covered very specifically the System's expectations for money and credit growth in 1992, as well as our forecast for economic growth and inflation. Today, I would like to focus on some of the broad considerations bearing on the outlook.
The performance of the economy clearly has been disappointing. The recovery in business activity since last spring has been anemic, job losses have continued to mount, and confidence has sunk to depressed levels. As we look ahead, there are a few hopeful signs-but, at this stage, ...