The Federal Reserve continued its “measured” tightening of U.S. monetary policy with a .25% increase in the Fed Funds rate in both August and September. Alan Greenspan, the Chair of the Federal Reserve, had been quite positive in his comments on the economy over the summer. A strong and sustaining economic rebound left no lingering excuse for the admittedly “emergency” low levels of administered interest rates that were the legacy of the September 11th, 2001 terrorist attacks and the uncertainty in the prelude to the Iraq war.
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Canso 2004 Q3 Market Observer
