Greenspan On The Hill

NPR's Jim Zarroli reports that Federal Reserve Chairman Alan Greenspan told lawmakers on Capitol Hill today the economy has slowed sharply from its rapid first quarter growth rate of 5.4 percent. Greenspan characterized the slowdown as a "transition to a more sustainable rate of growth," and said he was not overly concerned about a major economic contraction in the U.S. Federal Reserve policy makers need to continue monitoring events in Asia very closely, however.

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