The Board of Governors of the Federal Reserve System submitted its semiannual Monetary Policy Report to the Congress on July 18. In his testimony on the Report before both houses of Congress, Federal Reserve Chairman Alan Greenspan stated that monetary policy in 2001 “has confronted an economy that slowed sharply last year and has remained weak this year, following an extraordinary period of buoyant expansion,” but also noted projections of “a slight strengthening of real activity later this year.”
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-08, pp. 04, 08.01.2001.