In testimony on 15 July Alan Greenspan presented the Federal Reserve Board's semiannual monetary policy report to Congress. Greenspan said the Fed was prepared to leave interest rates at low levels "for as long as it takes". He said the Fed remained worried about the possibility of deflation, even though he characterized such an outcome as remote. If it occurred, it would threaten extensive damage, he said, especially if the economy were to be hit by any type of shock.

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