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Greenspan faces task of raising rates without hurting recovery.
Byline: Ken Moritsugu
WASHINGTON _ As the U.S. economy picks up, Alan Greenspan's much-vaunted reputation is on the line again.
The chairman of the Federal Reserve nursed the economy through recession and two wars by dropping interest rates to extremely low levels. Now he faces the tricky task of raising rates without undermining the recovery by suddenly popping what some analysts believe are bubbles in the housing and bond markets.
Inflation is the wild card. The economy grew at a healthy 4.2 percent annual clip in the first three months of the year, the Commerce Department reported Thursday. But inflation accelerated. Prices, excluding the volatile food and energy sectors, rose at a 2 percent annual rate, up from 1.2 percent in the previous three months.
Greenspan is betting that inflation will stay low enough to allow the Fed to nudge up interest rates gradually. That would soften the impact on the ...
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Source: HighBeam Research, Greenspan faces task of raising rates without hurting recovery.