WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan is rummaging around in his public relations toolbox to come up with a new rationale for raising interest rates.

Mr. Greenspan and his colleagues know they can't keep using the old spin about moving to a neutral policy on rates since their May 17 move boosting the federal funds rate to 4.25% from 3.75%.

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.