The fixed-income market's decline and upward adjustment of interest rates after the July 19 testimony of Fed Chairman Alan Greenspan was long past due.

He dispelled the widely held view that the economy is on a downward spiral that would require further easing on the part of the Federal Reserve. Quite the contrary, he projected renewed growth in the second half of 1995 and throughout 1996.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.