Greenspan: Economy has hit 'soft patch'

- Central Banking staff
- 13 Nov 2002

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US - Federal Reserve Chairman Alan Greenspan said on Wednesday the U.S. economy was weighed down by worry over possible war and falling stock prices but not by dangerous imbalances that tended to herald recession.

In testimony before Congress's Joint Economic Committee, Greenspan said last week's sharp interest rate cut should help the country through its "soft patch," adding that if the recovery unfolds as he expects, no more stimulus was needed, Reuters reported.

"It is the case that while the

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