{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Fed chairman predicts short term interest rates rise' data-url='/boclips/videos/5c54ba66d8eafeecae11d3b3' data-video-url='/boclips/videos/5c54ba66d8eafeecae11d3b3' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFed chairman predicts short term interest rates rise\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of room at Manhattan's Hilton Hotel where Chairman of the United States Federal Reserve Alan Greenspan spoke2. Medium of Greenspan entering room3. Wide of Greenspan at head table4. Wide of room5. Medium of Greenspan being...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of room at Manhattan's Hilton Hotel where Chairman of the United States Federal Reserve Alan Greenspan spoke\u003cbr/\u003e2. Medium of Greenspan entering room\u003cbr/\u003e3. Wide of Greenspan at head table\u003cbr/\u003e4. Wide of room\u003cbr/\u003e5. Medium of Greenspan being introduced to the crowd\u003cbr/\u003e6. Wide of Greenspan speaking at podium\u003cbr/\u003e7. SOUNDBITE: (English) Alan Greenspan, Chairman of the United States Federal Reserve:\u003cbr/\u003e\"The Chinese central bank has chosen to purchase large quantities of U.S. Treasury securities with renminbi (Chinese currency). What is not clear is how much of the current upward pressure on the currency results from underlying forces, how much from capital inflows owing to speculation on potential revaluation, and how much from capital controls that suppress the demand of Chinese residents for dollars and other currencies.\"\u003cbr/\u003e8. Wide of crowd\u003cbr/\u003e9. SOUNDBITE: (English) Alan Greenspan, Chairman of the United States Federal Reserve:\u003cbr/\u003e\"Over the years, protected interests have often endeavored to stop in its tracks the process of unsettling economic change.  Pitted against the powerful forces of market competition, virtually all such efforts have failed. The costs of any new such protectionist initiatives, in the context of wide current account imbalances, could significantly erode the flexibility of the global economy.  Consequently it is imperative that creeping protectionism be thwarted and reversed.\"\u003cbr/\u003e10. Close-up pulls to wide and shows people clapping\u003cbr/\u003e11. New York Stock Exchange chief executive John Thain applauding a the end of Greenspan's prepared remarks\u003cbr/\u003e12. SOUNDBITE: (English) Alan Greenspan, Chairman of the United States Federal Reserve:\u003cbr/\u003e(During question and answer session after speech)\u003cbr/\u003e\"Current federal funds rate is accomodating and at some point it will have to rise back to a more neutral state because it is inconsistent with general long term stability. This is a very special case.\"\u003cbr/\u003e13. Wide of audience clapping\u003cbr/\u003eFederal Reserve Chairman Alan Greenspan said on Tuesday that extra-low short-term interest rates eventually will have to go up. He did not indicate when. \u003cbr/\u003eSince last June, the Fed's main lever to influence economic activity, called the federal funds rate, has been at 1 percent, a 45-year low. \u003cbr/\u003eNear rock-bottom short-term interest rates have helped motivate consumers and businesses to spend and invest, an important factor to lift economic growth.  \u003cbr/\u003eSome economists believe the Fed will start to push up rates this year. Others don't believe higher rates will come before 2005. \u003cbr/\u003eMost economists expect the rate-setting Federal Open Markets Committee to hold rates steady when it meets next on March 16.  \u003cbr/\u003eWith inflation low and currently not a risk to the economy, Greenspan and his colleagues, who are responsible for setting interest rate policy in the United States, have said the Fed can be patient in considering rate increases.\u003cbr/\u003eGreenspan made his comment about short-term rates after delivering a speech to the Economic Club of New York. The Fed chief, in his speech, said a weaker dollar eventually should help narrow the swollen U.S. trade deficit. \u003cbr/\u003eThe value of the dollar, compared with the currencies of this country's major trading partners, has declined about 12 percent from its peak in early 2002. A weaker dollar makes U.S. goods cheaper to foreign buyers and makes foreign-made goods more expensive \u003cbr/\u003eOn China, Greenspan cautioned that if the country were to swiftly move to let its currency, the yuan, or renminbi, float freely, it could pose a further risk to its fragile banking system and to the global economy.\u003cbr/\u003eThe United States' politically sensitive deficit with China in 2003 was almost $124 billion, the biggest ever, as imports from China hit a record high.   \u003cbr/\u003eAmerica's manufacturers contend that China is deliberately undervaluing its currency by as much as 40 percent, which gives China a big trade advantage when competing with US companies.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid 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