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CNN Today

U.S. Senate Takes Up Renomination of Fed Chairman Alan Greenspan

Aired January 26, 2000 - 2:03 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LOU WATERS, CNN ANCHOR: The U.S. economic expansion is just days shy of a becoming the longest on record. Stocks are soaring. Jobs are plentiful. So this hour, as the United States Senate takes up the renomination of Alan Greenspan, the Federal Reserve chief, few expect any serious grumbling up on Capitol Hill.

For the latest about that, let's check in with CNN's Bill Dorman in Washington -- Bill.

BILL DORMAN, CNN CORRESPONDENT: Well, Lou, there are no real surprises in Chairman's Greenspan's prepared remarks before the Senate Banking Committee. As he said, he goes forward on a renomination hearing today. As committee members gather behind me and we get under way, there's a passing reference in Greenspan's remarks to the importance of keeping inflation under control, but nothing strident enough to rattle financial markets today.

Market watchers will be keeping an eye on the Q&A session with senators that will follow Greenspan's prepared remarks to try to detect any hints on the future of interest rate policy. The Fed's Open Market Committee is widely expected to raise short-term rates by a quarter point when they meet next week. The key today is listening for any more severe moves, but today, also the focus is on Greenspan's renomination, and this is one renomination that should not have any trouble sailing through the Senate -- Lou.

WATERS: All right, Bill Dorman in Washington.

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