economy. He states that "With inflationary pressures
apparently receding, the previous degree of restraint in monetary policy was no
longer deemed necessary, and the FOMC consequently implemented a small reduction
in reserve market pressures last July." (Greenspan, 1996, Speech)
During the Summer and Fall of 1995, the economy experienced a
strengthening of aggregate demand growth... displayed 300 characters
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According to Greenspan, this increase
in aggregate demand brought finished goods inventories and sales into near
equilibrium. The Fed's fine tuning of the economy seemed to be paying off.
Greenspan had a positive outlook for the economy for the rest of 1995. He
states "the economy, as hoped has moved onto a trajectory that could be
maintained--one less steep than in 1994, when the rate of growth was clearly
unsustainable, but one that nevertheless would imply continued significant
growth and incomes... displayed 300 characters
