Federal Reserve's First Monetary Policy Report for 2005: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, First Session, on Oversight on the Monetary Policy Report to Congress Pursuant to the Full Employment and Balanced Growth Act of 1978, February 16, 2005 |
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Page 2
... labor market remains relatively weak . Employ- ers added 146,000 payroll jobs in January , 157,000 in December , 137,000 in November , all of which are just about enough to keep pace with population growth . Now , while the Labor ...
... labor market remains relatively weak . Employ- ers added 146,000 payroll jobs in January , 157,000 in December , 137,000 in November , all of which are just about enough to keep pace with population growth . Now , while the Labor ...
Page 6
... labor market and moderate growth in output . All of these , coupled with low inflation , appear to indicate a positive track for economic expansion in the coming years . While these trends certainly are pleasing , I continue to 6 ...
... labor market and moderate growth in output . All of these , coupled with low inflation , appear to indicate a positive track for economic expansion in the coming years . While these trends certainly are pleasing , I continue to 6 ...
Page 10
... labor force and , ultimately , our broader economy that sometimes get pushed off of the discus- sion for good and proper reasons with regard to some of the major issues that we debate every day - trade and fiscal deficits and , God ...
... labor force and , ultimately , our broader economy that sometimes get pushed off of the discus- sion for good and proper reasons with regard to some of the major issues that we debate every day - trade and fiscal deficits and , God ...
Page 12
... labor costs . Whether inflation actually rises in the wake of slowing productivity growth , however , will depend on the rate of growth of labor com- pensation and the ability and willingness of firms to pass on higher costs to their ...
... labor costs . Whether inflation actually rises in the wake of slowing productivity growth , however , will depend on the rate of growth of labor com- pensation and the ability and willingness of firms to pass on higher costs to their ...
Page 14
... labor force , tend to create increased output per hour . The correlation for that is very close . So that unless we develop the savings to invest or significantly increase our borrowing from abroad , we are not going to be able to ...
... labor force , tend to create increased output per hour . The correlation for that is very close . So that unless we develop the savings to invest or significantly increase our borrowing from abroad , we are not going to be able to ...
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ALAN GREENSPAN assets Basel Basel II Board of Governors bond boosted capital Chairman GREENSPAN Chairman SHELBY CONGRESS THE LIBRARY consumer spending core core inflation create current account deficit debt decline dollar economic employment energy prices equity expansion expectations February 16 federal funds rate Federal Open Market Federal Reserve System financial markets fiscal FOMC FOMC meeting foreign fourth quarter going growth household income increase interest rates investment investors issue labor LIBRARY OF CONGRESS long-term longer-term ment Monetary Policy Report mortgage move national savings oil prices Open Market Committee overall pace PAYGO percent price index private accounts problem productivity question remained retirement rise risk rose saving rate sector Senator BAYH Senator BENNETT Senator BUNNING Senator CORZINE Senator CRAPO Senator REED Senator SARBANES Senator SCHUMER Senator STABENOW Social Security tax cuts Thank tion Treasury securities trillion U.S. economy unified budget
Popular passages
Page 1 - Chairman SHELBY. The hearing will come to order. We are very pleased this morning to welcome Chairman Greenspan before the Senate Banking Committee to testify on the Federal Reserve's Semi-Annual Monetary Policy Report to the Congress. The
Page 57 - its Monetary Policy Report to the Congress pursuant to section 2B of the Federal Reserve Act Alan Greenspan, Chairman Contents Monetary Policy and the Economic Outlook Economic and Financial Developments in 2004
Page 7 - Chairman SHELBY. Senator Stabenow. STATEMENT OF SENATOR DEBBIE STABENOW Senator STABENOW. Thank you, Mr. Chairman, and welcome,
Page 4 - countries that have gone down this path have invariably run into trouble, and so would we. Eventually, the current account deficit will have to be restrained, and
Page 59 - lagged effects of the decline in the exchange value of the dollar since the autumn and sustained foreign economic growth arc likely to boost the demand for
Page 14 - Chairman SHELBY. Without objection, your complete statement will be made part of the record. Thank you,
Page 80 - in association with the increase in other market rates Currency grew at its slowest rate since 2000. apparently reflecting sluggish demand by both domestic and foreign holders On balance, M2 growth from the fourth quarter of 2003 to the fourth quarter of 2004 was about
Page 1 - raised its target for the Federal funds rate by 25 basis points to
Page 41 - I guess that is more of a statement than it is a question, but
Page 59 - meeting this month, bringing the cumulative tightening over the past year to 1 '•'? percentage points The fundamental factors underlying the continued strength of the economy last year should carry forward into 2005 and 2006, promoting both healthy expansion of activity and low inflation. Monetary policy is still accommodative, and financial conditions more generally continue to be advantageous for households and firms. Profits have been rising