Wayne Angell
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Wayne Angell
Wayne D. Angellis an Economist and was Governor of the Federal Reserve Board...
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Chairman Greenspan's comments went further than previous Fed commentary on recognizing the degree of slowing in the economy and clearly pave the way for the Fed to switch to a neutral directive. Moreover, his comments further encourage us in our belief that the Fed will lower rates in the first quarter of next year.
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The world's central banks have certainly decided U.S. Treasury notes are a better long term investment than gold.
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Alan Greenspan tends to give a tougher talk in a speech when he is not going to raise rates than he does when he is going to raise rates. He either barks or he bites, and I think he is barking.
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The Federal Reserve engages in a series of rate hikes at the tail end of an expansion when inflation is accelerating. What the Federal Reserve has done today is they made that less likely and thereby this expansion is more apt to go on as long as the year 2000.
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The markets are saying (a rate hike) is not only justified, but it's good news. It remains to be seen whether the economy will be stronger than we anticipate.