US Fed changes meeting schedule to avoid overlapping terms

The US Federal Reserve (Fed) on Friday announced a change in its tentative meeting schedule for 2006, shortening its normal two-day meeting so the discussions would not span the terms of Chairman Alan Greenspan and his successor.

The Fed "plans to hold its first scheduled meeting of the year on Tuesday, January 31" rather than the original plan to hold a two-day meeting on Jan. 31 and Feb. 1, the Fed said in a brief press release.

"This schedule change avoids a meeting that spans the terms of two Chairmen," said the press release.

"In keeping with past practice, Chairman Greenspan plans to attend this meeting," it added.

The Fed's announcement indicated that Greenspan, 79, who has served 18 years as the head of the central bank, will be leaving at the end of January, according to analysts.

So far, the White House has given no hint about whom it plans to choose to succeed Greenspan.

Source: Xinhua