On February 11 and 12, Federal Reserve Chairman Alan Greenspan delivered his semiannual Monetary Policy Report to Congress. He began his comments by noting the strong expansion of GDP and productivity in the second half of 2003 but also the limited progress in creating jobs. He stated that “prospects are good for sustained expansion” and that “employment will begin to grow more quickly before long as output continues to expand.” He remarked on the low level of inflation, which he said was in a range “consistent with price stability.”
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-03, pp. 04-05, 03.01.2004.