PO-3352: Secretary O’Neill Points to Key Indicator as Good News for Economy



	FROM THE OFFICE OF PUBLIC AFFAIRS August 14, 2002 PO-3352 Secretary O’Neill Points to Key Indicator as Good News for Economy Today after the yield on the 10 year note hit a 39 year low, Treasury Secretary Paul H. O'Neill made the following comment: "Low interest rates are fueling a housing boom in our country. Yesterday at the President's economic forum, the head of a homebuilders association said he expected new home sales this year to top last year's record level. And today in Portland, I met a housing developer who said he expected record sales this year. Low interest rates will continue to keep housing strong, and will enable owners to refinance so they have more cash in their pockets. That's good news for the US economy."