Alan Greenspan is expected to tell Congress today that the policymaking Federal Open Market Committee remains confident on the growth outlook, vigilant on inflation and ready to continue raising interest rates at a measured pace.

Mr Greenspan, the Fed chairman, presenting the FOMC's mid-year monetary report to Congress, is likely to be studiously vague on the question of how far the committee expects to raise its target federal funds rate disappointing the members of the House financial services committee and the large audience of investors outside the committee room.