George H.W. Bush: “Well, there might be room to do more. You've got to take a look at that CPI figure. The PPI figure was pretty good…”

“Well, there might be room to do more. You've got to take a look at that CPI figure. The PPI figure was pretty good yesterday, or in the last couple of days, the Producer Price Index. It was constrained and showed that inflation is under control. So I wouldn't take one statistic and try to urge the Fed on one course or another. But I think the Fed having dropped this rate a quarter, it was well received in the markets. I think it will be well received across the country. And let's see, and then I'm sure that Chairman Greenspan will be sensitive to further action if that's what's required.”