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Byline: JOSEPH GUINTO
Federal Reserve Chairman Alan Greenspan said Wednesday the economy is not in imminent danger of deflation. But he also vowed the Fed stands ready to fight a cascade in prices if one comes.
Greenspan, appearing before Congress' Joint Economic Committee, gave a mixed reading on the U.S. economy. He said growth in the current quarter may be "soft," but a pickup in the second half of the year is possible.
Much of what Greenspan said on the economy is well-known. But the talk of deflation was not.
The Fed's Open Market Committee noted the risks of a continued slowdown in inflation at its May 6 meeting, where it chose to …