Federal Reserve's Monetary Policy Report, Feb 2005

Presenting the Federal Reserve's Monetary Policy Report to the Congress on Wednesday 16 February, Alan Greenspan said in the seven months since he last testified before the Committee, the US economic expansion has firmed, overall inflation has subsided, and core inflation has remained low.

Greenspan said it was "imperative to restore fiscal discipline" in the United States to help narrow the huge trade deficit, and that the country had to act before 2008 to prepare Social Security for a coming

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