[CANSLIM] Mr. Greenspan's testimony

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: [CANSLIM] Mr. Greenspan's testimony
Date: Sat, 20 Jul 2002 20:02:37 -0400

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Interesting that he waited for the final paragraph of his speech to reveal
that the Feds were making a sizable increase in their forecasts for this
year's GDP growth rate. This is a full percent increase over what they
forecasted as recently as Feb '02. This and other comments clearly hint at
no rate hikes this year, and this quote suggests an accommodative stance
continuing well into next year as well (note that the unemployment forecast
is for end of 2003, and that is one element likely to cause a rate hike as
employment picks up).

quote:
Indeed, the central tendency of Federal Reserve policymakers' forecasts is
for expansion of real GDP over the four quarters of 2002 of 3-1/2 to 3-3/4
percent, somewhat above the rates anticipated in our February report.
Economic growth is projected to be solid again next year, with real output
rising 3-1/2 to 4 percent. Monetary policymakers anticipate that these gains
should be sufficient to bring the unemployment rate down to 5-1/4 to 5-1/2
percent by the end of next year. Inflation is expected to be subdued
throughout, with prices for personal consumption expenditures increasing at
only a 1-1/2 to 1-3/4 percent rate.
unquote

Tom Worley
stkguru@bellsouth.net
AIM: TexWorley



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