Greenspan said the U.S. was not in recession

Federal Reserve Chairman Alan Greenspan said on Feb 13, 2001 the U.S. economy was not in a recession but may face a rocky transition as it downshifts from super-charged growth rates of the past several years. When asked point-blank in a Senate Banking Committee hearing if the U.S. economy was already in a recession, he replied: "At the moment we are not." Still, he signaled that the central bank stood ready to cut interest rates further if needed and that inflation did not seem to be an

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