Federal Reserve Chairman Alan Greenspan may have been sending President George Bush a message last month when the Fed chief tossed election-year etiquette aside and signaled that he might raise interest rates soon. A rate hike this year would surely slow any job recovery and hurt Bush on the campaign trail. But Greenspan hates budget deficits, and Bush has pushed the U.S.'s to a record $521 billion.
So, was it economics that prompted Greenspan to rescind his pledge to keep rates low "for a considerable period"? In so doing, he may reverse key trends in the bond and stock markets and...
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