January 31st was a momentous day for financial markets. It was Alan Greenspan's last day as Chairman of the Federal Reserve, without a doubt the world's most important financial job. After an 18 year tenure, he will be replaced by Ben Bernanke. The Chairman of the Federal Reserve is so important because he chairs the Federal Open Markets Committee (FOMC), the body that sets US interest rates (www.ocbc.com). US interest rates are important because …
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…Alan Greenspan as Chairman of the Federal Reserve. REFERENCES: http://www.dallasfed.org/fed/monetary.html http://mahalanobis.twoday.net/stories/655328/ "The Next Fed Chief?" http://www.ocbc.com/wealth_mgmt Ip, Greg. 2003. "Dueling Visions of Federal Reserve After Greenspan", Wall Street Journal. Pg A2. Stevenson, Richard W. 2002. "Oh So Quietly, Fed Ponders What Follows Greenspan", The New York Times. Pg C1. Willers, Eddie. 2004. "Who should be our next money manager?" http://www.enterstageright.com