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MARKET SAVVY | SAVVY CONFIDENTIAL / A Briefing for
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Sanguine Greenspan?

April 28, 1999|Reuters, Times Staff

Federal Reserve Chairman Alan Greenspan told New Zealand Treasurer Bill Birch that he believes the danger of a major plunge on Wall Street has eased, New Zealand's Dominion newspaper reports today.

"We gained a lot of confidence from Greenspan," Birch told the newspaper after returning from a visit to the U.S., Europe and Japan.

Greenspan has "moved away from his caution about 'irrational exuberance,' " Birch said. 'Whereas in October he would have worried about a major correction, they . . . now think that you'll get 'adjustments' over time."

Of course, given Greenspan's often-tortured phrasing, it's not certain Birch heard the Fed chief say what he thinks he heard him say.

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