In a follow-up to the semiannual monetary policy report to Congress Alan Greenspan of the Federal Reserve said the consensus of economic forecasters is that a material rebound in economic activity will develop in the second half of this year, and certainly a number of elements should be working in that direction. Greenspan noted the recent improvement in financial markets, saying this could prompt a turnaround in capital spending.

To read past central bank speeches use our Speech Finder. Click