Someone said on PBS's Newshour one day later that "traders interpreted the Federal Reserve Chairman's comments to mean that stocks in the U.S. market were overvalued and that, in response, the Federal Reserve might raise U.S. interest rates, thus affecting markets everywhere". ... About three months after that speech, the Federal Reserve raised its intended federal funds rate by 0.25 points and there was no further increase until June 1999. ...

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• Approx Pages: 10
• Grade Level: High School