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Briefcase as crystal ball?
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October 5, 1999: 10:26 a.m. ET
Greenspan's satchel is signal for some of what's in the bag for interest rates
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NEW YORK (CNNfn) - Call them crazy. Call them Groundhog-Day wannabes. But whatever you do, don't call economists and other Fed watchers when Alan Greenspan is on his way to a meeting of the Federal Open Market Committee.
That's because their focus will be riveted by one thing, and one thing only -- the size of the Fed chairman's briefcase.
(Tuesday morning, 8 a.m.)
Hmm, his attaché is not exactly
bulging at the seams …
As much as leading economic indicators, the heft of the briefcase is considered by some to be key in assessing whether the Fed will raise interest rates.
If the chairman is loaded down with papers a hike is in the offing, or so the theory goes, since the Fed chief will need documentation to back up his case. If the committee plans to keep rates steady, Greenspan's load will be light.
Many analysts and economists who offered their opinions without the advantage of the briefcase-sighting said they anticipate the Fed will stand pat for now, but may impose another rate hike in November.
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Federal Reserve Board
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