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Murphy’s Law
New Fed Chairmen Always Seemto Face a Tough Environment
When Ben Bernanke succeeded Alan Greenspan at the Fed in February 2006, the conventional view was that he was inheriting a relatively benign economic, financial, and policy outlook. Certainly there were rumblings of a bubble in the housing market—even Alan Greenspan had admitted to regional “froth”—and with strong commodity prices there was some concern about inflation. However, most economists were optimistic. In a Bloomberg survey of economists that month the average forecaster expected GDP growth of 3.1 percent in the year ahead, with consumer price inflation of 2.6 percent ...
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