WASHINGTON -- Wayne Angell, the new chief economist of Bear, Stearns & Co. and former Federal Reserve governor, predicted Friday that the Federal Open Market Committee will raise the federal funds rate by another half percentage point to 4.75% at its next meeting on Aug. 16.

Angell made the prediction while chatting with reporters in the hearing room where Fed chairman Alan Greenspan was about to deliver round two of his semiannual monetary policy report to a House Banking subcommittee.

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