Greenspan: Long-term rate puzzler
By Greg Robb, MarketWatch
Last Update: 10:10 PM ET June 6, 2005
WASHINGTON (MarketWatch) -- The decline of long-term interest rates over the past year despite the Fed's steady tightening remains a conundrum, said Federal Reserve Board Chairman Alan Greenspan.
That was interesting the way Greenspan tried, lamely, to wave away the hypothesis of many economists, that the decline is actually proof of economic weakness in the markets. He merely alludes to a couple healthy sectors in the "global" economy. Well, much as they confuse the issue, the "global" economy (wherever that is) is not the U.S. economy.