Federal Reserve Chairman Alan Greenspan told the US Congress yesterday that he sees increasing signs the first US recession in a decade is coming to an end. He cautioned the rebound this year is likely to be a subdued one.
Greenspan cited a variety of signs of an improving economy in recent months, noting particularly strength in such areas as consumer spending. He said these hopeful signals led Fed policy-makers to call a ceasefire to their aggressive campaign of cutting short-term interest rates.
Greenspan said the US economy would expand between 2.5 percent and 3 percent this year.
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