Chicago (Oct. 23, 2003) -- The U.S. economy is strong enough to withstand rising interest rates, Treasury Secretary John Snow predicted Wednesday.
Earlier this week, forecasters said they expected U.S. interest rates to rise, prompting some pundits to suggest that such movement could put a damper on the current economy recovery.
Snow said that if rates do move higher, the recovery should continue unabated.
The U.S. dollar gained and bond yields rose earlier this week after Snow told The Times of London that he expected higher domestic interest rates since that's historically a reflection of stronger economic growth.
-- WebCPA staff
