The media does silly things, including reporting things people say even when they’re not saying anything, so long as they’re, you know, special people. For instance, if Heidi Perlman, of Brighton, told an Associated Press reporter that she believed interest rates would eventually rise, chances are it wouldn’t be considered news in major metropolitan daily newspapers such as the Boston Herald.
But because Fed head Alan Greenspan says it, and The Associated Press reports it, well, there it is ... in tomorrow’s Herald, San Diego Union-Tribune and God knows how many other papers across the United States and world:
WASHINGTON -- Federal Reserve Chairman Alan Greenspan said Tuesday that extra-low short-term interest rates eventually will have to go up. He gave no clue when.
“The federal funds rate is accommodative ... but at some point, it will have to rise to a more neutral state,” Greenspan said as he fielded questions at an economic gathering in New York. He didn’t discuss the timing of any such move to raise rates.
Stop the presses! Interest rates will rise some day!