Economy
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Warnings From Greenspan
July 2004 | Market StrategySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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US Federal Reserve Chairman Alan Greenspan's recent Humphrey Hawkins testimony has so far proved somewhat prophetic in nature. After a batch of weak economic data in the first half of July, which helped global bond yields ease significantly, he saw fit to inject a note of caution, stating that the softness in consumer spending at the end of Q204 would be short-lived. One week later, the US consumer confidence index for July jumps to 106.1 from an upwardly revised 102.8 in June, with the consumer expectations index leaping to 105.8 from 100.8 the previous month. The result is a swift