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Greenspan: Fed can’t exit without turmoil
The Federal Reserve won’t be able to exit from its accommodative monetary policy without some turmoil in financial markets, former U.S. central bank chairman Alan Greenspan said Wednesday on the eve of an interest-rate decision. During an appearance at the Council of Foreign Relations in New York, Greenspan was asked if the Fed could engineer an exit without sparking a crisis. Greenspan said he didn’t like the word “crisis” but that “turmoil” was a good substitute. Then he replied, “I don’t think it is possible.” Interest rates have been kept near zero since December 2008. Fed members say they ... (full story)