{"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 says may need to cut interest rates to boost the US economy' data-url='/boclips/videos/5c54c421d8eafeecae16674c' data-video-url='/boclips/videos/5c54c421d8eafeecae16674c' 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 says may need to cut interest rates to boost the US economy\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. Federal Reserve Chairman Alan Greenspan walking into hearing room2. Greenspan seated at table3. Wide of committee4. SOUNDBITE (English) Alan Greenspan, Federal Reserve Chairman \"Some of the residual war-related uncertainties have...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Federal Reserve Chairman Alan Greenspan walking into hearing room\u003cbr/\u003e2. Greenspan seated at table\u003cbr/\u003e3. Wide of committee\u003cbr/\u003e4. SOUNDBITE (English) Alan Greenspan, Federal Reserve Chairman \u003cbr/\u003e\"Some of the residual war-related uncertainties have abated further and financial conditions have turned decidedly more accommodative, supported in part by the Federal Reserves' commitment to foster sustainable growth to guard against a further substantial disinflation.\"\u003cbr/\u003e5. Wide of committee\u003cbr/\u003e6. SOUNDBITE (English) Alan Greenspan, Federal Reserve Chairman \u003cbr/\u003e\"The FOMC (Federal Open Markets Committee) stands prepared to maintain a highly accommodative stance of policy for as long as needed to promote satisfactory economic performance. In the judgement of the committee policy accommodation aimed at raising the growth of output, boosting the utilisation of resources, and warding off unwelcome disinflation can be maintained for a considerable period without ultimately stoking inflationary pressures.\"\u003cbr/\u003e7. SOUNDBITE (English)  Representative Barney Frank, (Democrat - Massachusetts)\u003cbr/\u003e\"We are getting this unemployment despite an enormous amount of fiscal stimulus and the lowest interest rates in a long time. So really, this economy is troubled.  We are troubled by the persistence of high unemployment and we are constrained by deficits.  A trillion dollars about to be added in deficits in the next year and we're constrained by this trend if not reversed that will impinge on the formation of private capital.\"\u003cbr/\u003e8. Committee members listening\u003cbr/\u003e9. SOUNDBITE (English) Alan Greenspan, Federal Reserve Chairman \u003cbr/\u003e\"This is one reason why the Federal Open Markets Committee has adopted a quite accommodative stance of policy. A very low inflation rate increases the risk that an adverse shock to the economy would be more difficult to counter effectively.  Indeed there is an especially pernicious, albeit remote scenario in which inflation turns negative against a background of weak aggregate demand engendering a corrosive deflationary environment.\"\u003cbr/\u003e10. Wide of hearing\u003cbr/\u003eThe US Federal Reserve stands ready to reduce interest rates even further if necessary to boost the sluggish US economy and guard against a destabilising fall in prices according to its chairman-  Alan Greenspan on Tuesday.\u003cbr/\u003eGreenspan testified to Congress that the Fed was prepared to leave interest rates at low levels \"for as long as it takes\" - even though rates are at a 45-year low. \u003cbr/\u003eThe goal would be to get the economy growing at a faster pace, he said.\u003cbr/\u003eGreenspan's comments, part of the central bank's twice-yearly report to lawmakers, signalled that the Fed, which has already reduced a key interest rate to the lowest level since 1958, is prepared to cut rates again. \u003cbr/\u003eThis could happen as soon as its next meeting on August 12 if the economy is not showing convincing signs of a post-Iraq rebound.\u003cbr/\u003eThe Fed \"stands ready to maintain a highly accommodative stance of policy for as long as it takes to achieve a satisfactory economic performance,\" Greenspan said in testimony to the House Financial Services Committee.\u003cbr/\u003eThe central bank had signalled at its May meeting that it was concerned that inflation had fallen to such a low level in this country that there was a danger that the sluggish economy might actually trigger a prolonged bout of deflation. \u003cbr/\u003eThat would be a destabilising period in which prices are actually falling, something not experienced in the United States since the Great Depression of the 1930s.\u003cbr/\u003eGreenspan said the Fed remained worried about the possibility of deflation, even though he characterised such an outcome as remote. \u003cbr/\u003eIf it occurred, it would threaten extensive damage, he said, especially if the economy were to be hit by any type of shock.\u003cbr/\u003e\"A very low inflation rate increases the risk that an adverse shock to the economy would be more difficult to counter effectively,\" Greenspan said.\u003cbr/\u003eDemocrats at the hearing criticised the Bush Administration's handling of the economy, and blamed persistent high unemployment rates on the skyrocketing deficits.  \u003cbr/\u003eRepresentative Barney Frank, the ranking minority member said that the \"economy was very troubled\" and that society's most vulnerable members, minorities and women, bore the brunt of the slow economy.\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 fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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