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Federal Reserve Chairman Alan Greenspan this week laid out a stronger case than he has in the past that the nation’s extraordinary combination of strong growth, low unemployment and low inflation isn’t a fluke but rather largely the result of fundamental changes in the economy.

Greenspan told the Senate and House Banking committees that “recent experience does seem to suggest that the economy has become less inflation-prone than in the past, so that the chances of an inflationary breakout arguably are, at least for now, less than they would have been under similar conditions in earlier [business] cycles.”

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