2 Quotes by Allen Jacobson

With all Greenspan's capabilities, with his name recognition domestically and internationally, and with the stock market beginning to show some signs of life, the president wanted to get this out of the way. He wants to be re-elected, and this is not the time to make any major changes.

Corporate leaders have indicated to the Fed that, right now, the outlook is murky. Long term, the Fed and everybody else is positive. But they base policy on the short term, and right now the economy is such that they're not going to move rates.