Greenspan says past no guide to future on rates

According to a letter released on Wednesday 2 June, Fed Chairman Alan Greenspan told a US lawmaker that looking at the past is no guide to predicting how quickly and aggressively the Federal Reserve will raise interest rates.

In a May 14 letter to Senator Paul Sarbanes, Greenspan repeated his earlier comment that the current low rates "must be returned to a more neutral setting at some point," accrding to AAP.

In the letter, Greenspan was reported to have said the Fed had raised interest rates

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