NEW YORK (CNN/Money) - So Mr Greenspan made himself perfectly clear: more rate hikes ahead. What's interesting is how little verbiage the normally more loquacious Fed chairman put into delivering that message.

Is it because he feels the reasons are so obvious?

After all, there is certainly a camp of economists and investors that is worried about the impact of repeated rate hikes in slowing the economy. Is it because the Fed itself is divided on this and Greenspan feels he cannot go beyond the basics and still be faithful to the sense of what the Federal Open Market Committee - Fed governors and Fed bank presidents - is thinking?

Maybe he himself is uncertain about the economy so it's easier to just repeat what almost seems like a "boilerplate" view. One thing for sure: he seems worried about the housing market. Yesterday he said the proliferation of riskier mortgages like interest only and exotic adjustable rate mortgages is of "particular concern."

And that's something a lot of economists can agree on.

____________________________________

-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight. You can read more of her columns here.