Word: greenspans
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Dates: during 1990-1999
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Several weeks before Harvard students lined the Yard to hear Alan Greenspan give his Commencement address, Harvard Dining Services Director Ted A. Mayer was preparing a Commencement speech...
Thank you, Mr. Greenspan ?- may we go now? Right on time at 2:20 p.m. Wednesday, the Federal Reserve released Wall Street from months of suspense. It raised short-term interest rates by one quarter point and returned its "bias" to neutral ?- and gave little sign of what it planned to do at its next meeting on August 24. TIME senior economics reporter Bernard Baumohl says that?s because Greenspan himself doesn?t know. "If the economy starts to slow down ?- and there are scattered indications that it?s beginning to ?- chances are he won?t raise again," he says...
...from 44 points down to 74 up in less than a minute. Bond yields momentarily dipped below 6 percent for the first time in weeks. An extended rally ?- given the strong correlation between consumers and the value of their portfolios ?- could of course set off the very overheat that Greenspan is so worried about. But the indexes are short-sighted, emotional creatures, and Wednesday the emotion was relief. "The uncertainty is over, and Greenspan clearly is done raising for a while," says Baumohl. And the markets are off and running all over again ?- at least until August 24 starts...
Take a deep breath, everybody -? the stock market may be about to blow its own bubble. Everybody knows that Fed chairman Allan Greenspan is going to raise interest rates by one quarter point, most likely on Wednesday. And everyone?s reasonably sure that the markets, which have been stewing about this for weeks, will take off on the news like a bull outta hell, especially when they read the Fed?s post-meeting comments Wednesday and find no hint of further action. But do they know this rally could be its own worst enemy? "My guess is that...
Moved PermanentlyMoved PermanentlyFortune Investor DataHere?s the daisy chain: Fed hikes rates. Markets, relieved, take off. Consumers, watching their portfolios swell, continue to spend like drunken sailors. Fed gets nervous, and Greenspan -? if he deems that an economic overheat is imminent -? goes into rate-hike mode all over again, confronting the markets with their worst fear and sending Street walkers back to cowering under their desks. Bye-bye rally. Of course, if investors and traders see all this coming and sell on the news, they may have to make room under that desk for Uncle Alan -? a harmless rate hike...