 | |  | | "That conclusion is based on our current judgment of how economic and financial forces will evolve in the months and quarters ahead," Greenspan said in a speech prepared for delivery via satellite to the International Monetary Conference in London.
"Should that judgment prove misplaced, however, the FOMC is prepared to do what is required to fulfill our obligations to achieve the maintenance of price stability so as to ensure maximum sustainable economic growth," he said.
Businesses are becoming more confident about the economy and are now hiring "with some vigor," Greenspan said.
Recent financial indicators, including raid money growth, "underscore that the FOMC has provided ample liquidity to the financial system that will become increasingly unnecessary over time," he said.
Financial markets appear prepared for higher interest rates unlike 1994, Greenspan said.
Greenspan said that there has been a return of pricing power to businesses and the threat of deflation has ended. But he said cost pressures have been "relatively subdued."
The rise of energy prices is a "worrisome element" that has been a net drain on the economy and could boost inflation if the high price level persists. |  |  |  |  |
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