Greenspan Says Timing of Rebound Is Unclear

Despite the war's end, the Fed chief says it still isn't clear when the economy will recover.
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Federal Reserve

Chairman Alan Greenspan said Wednesday that it still isn't clear when the economy will begin recovering, even though the war with Iraq is over.

In a speech before the House Financial Services Committee, Greenspan saidthe recent information that the Fed has gathered on the economy has been mixed.

However, he reportedly said, "I continue to believe the economy is positioned to expand at a noticeably better pace than it has during the past year, though the timing and the extent of that improvement remains uncertain."

Greenspan said the economy's potential for long-term growth is solid, but that weak spending by businesses is taking a toll.