In Brief: End of Tightening Cycle Not Seen Coming Soon

NEW YORK - The Federal Reserve has undergone a slight attitude changeover the past few months, but it still isn't ready to signal the end of the tightening cycle, said Edward Cowan, chief economist at Reid, Thunberg & Co.

From early January to Fed Chairman Alan Greenspan's Humphrey-Hawkins testimony Feb. 22, "there has been a change of mood, a change in emphasis at the Fed," Cowan said in a television interview. "There's a more 'wait- and-see' attitude, but I would not expect a signal of the end (of the cycle) for a while."

Mr. Cowan suggested Fed Vice Chairman Alan Blinder and Fed Governor Janet Yellen have added a more dovish tone, which is influencing the Fed. But, they still seem to be "in synch with the institution," he said, adding that Mr. Blinder's recent comments don't appear to be making Greenspan that uncomfortable.