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Greenspan signals another rate hike

CAPITOL HILL (AP) - Federal Reserve Chairman Alan Greenspan's latest economic update for Congress suggests growth is proceeding with relatively low inflation.

In remarks prepared for a House panel, Greenspan is signaling more interest rate hikes ahead. Greenspan says the United States weathered a brief economic slowdown in the spring. Greenspan's comments appear to make a tenth quarter-point hike at the Fed's next meeting in early August a virtual certainty.

Greenspan says growth has strengthened and inflation pressures have abated somewhat after rising oil prices and a slowdown in business activity had made the upbeat economic outlook "cloudier this spring."

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