Excerpt from The 1994 Economic Report of the President: The Economic Outlook: Hearing Before the Joint Economic Committee, Congress of the United States, One Hundred Third Congress, Second Session; January 31, 1994 Mr. Greenspan. There is a fairly significant inflation expectation embodied in long-term nominal interest rates and if inflation over the longer term is expected to be less than is currently embodied in those rates, long-term rates will probably fall. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.