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Another market disruption from higher interest rates is virtually certain, according to former Federal Reserve Chairman Alan Greenspan.
“Just remember we had the ‘taper tantrum.’ And we’re going to get another one,” Greenspan said Wednesday at the Global Private Equity Conference in Washington, DC.
“This is a very tough period to get through,” he added about the Fed increasing interest rates. “Normalization is great, but the process of getting there is going to be very rocky.”
Greenspan said there was no way to get around bond market volatility but said it was necessary to help the Fed and other central banks reduce overall debt.
He did not give specifics on how fast Fed Chair Janet Yellen should increase rates, currently predicted to be a highly gradual process from near-zero.
