September 30, 1999

The adoption of a domestic price rule has lowered U.S. inflation to a "statistical" zero rate. That, in turn, has lowered inflation expectations, reduced uncertainty, lengthened investor horizons and lowered the effective marginal tax rate of the economy. In short, the reduction in the inflation rate has been one of the catalysts for the spectacular performance of the financial markets and the economy during the past decade. Fed Chairman Alan Greenspan has performed well not only during good times but also during tough times. Investors owe a debt of gratitude to him, hes done a phenomenal job of handling U.S. monetary policy, the engine of our incredible prosperity.

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