The significance of this lies in the fact that it suggests that the US central bank now recognises (1) that a renewed period of inflation is now more likely than the deflation some had started to fear 18 months ago; and (2) the adverse consequences of the cheap money policy it has been pursuing for so long are becoming too severe and too risky to sustain.The effects of that loose policy stance are certainly there for everyone to see, all around the world. It has been clear since last summer that the Federal Reserve was intent on starting to tighten policy once more, after several years in which it has repeatedly cut interest rates, in an effort to avoid a painful economic fallout from the collapse of the technology and investment bubble of 2000.In a comment in November, just after the presidential election, for example, he said : "Rising interest rates have been advertised for so long and in so many places that anyone who has not appropriately hedged this position by now obviously is desirous of losing money." The Federal Reserve has also pointedly dropped its reference to "gradual" tightening of policy. Nevertheless, not only are his power and stature considerable, but the policy that the Federal Reserve has been pursuing in recent years is clearly his own.The debate in the world's bond markets at the moment is whether Mr Greenspan has now embarked on a new shift in emphasis in the way that US monetary policy is set. He is only one of several members of the Federal Open Market Committee, albeit the most influential, and there are subtle and complex political pressures that he has to accommodate in seeking to fulfil his dual mandate of fighting inflation and sustaining economic growth. The argument of his critics is that his easy-money policies - no man has ever cut interest rates so far so frequently - are going to leave behind a potentially disastrous combination of economic circumstances, a mess that all of us will have to pay for in the near future, as the unprecedented pyramid of debt that has resulted from his policies starts to crumble.It is true that Mr Greenspan does not act on his own in setting the course of interest rates. Along the way, rather like Ronald Reagan, the first president under whom he served, Mr Greenspan has acquired a reputation for being a Teflon public figure, to whom no enduring criticism seems to stick, at least in the minds of the general public and private investors, who have profited greatly from his largesse.Yet, will history record a similarly benign verdict when he finally steps down from office? Many in the professional investment community have their doubts. This, after all, is the man who has negotiated a succession of potential crises (the 1987 crash, the 1994 bond market bust, the Long Term Capital Management affair, the Asian crisis of 1997, the technology bubble of 2000) with both aplomb and apparent success.Since the 1990/91 recession, he has also presided over an almost unprecedented period of sustained economic growth and low inflation, to the satisfaction of three out of four presidents from different parties.

On the face of it, his time at the helm of the Federal Reserve - where he became chairman for the first time shortly before the 1987 stock market crash - has been an unalloyed success. How the Fed handles monetary policy has, for good and ill, become an extraordinarily influential factor in the way that the global economy and world financial markets behave. Love him or loathe him, Mr Greenspan is an iconic figure and one who excites considerable controversy among professional investors. Mr Greenspan is due to retire at the end of the year, after three six-year terms as chairman of the largest and most important central bank in the world. What is the biggest issue facing investors in the coming year? What is the biggest issue facing investors in the coming year? You don't have to look much further than the question of how Alan Greenspan, the chairman of the Federal Reserve, handles his last year in office. "I'm significantly saving on my time, which is a precious commodity." Louise travels a lot so also benefits from discounted travel services and free AA cover.. She is 40 and lives in Essex.Louise has held a Lloyds TSB Premier Account for just over a year. Previously, she had a Classic current account with the bank, but on realising she had healthy liquid assets and a busy lifestyle, the bank suggested that a more worthwhile solution for her would be the Premier Account with a minimum entry level of £50,000.Louise pays £15 per month and has found having her own personal account manager worth the fee."It's great having someone you can ring at any time for advice or with instructions - someone who knows you," she says.

At Lloyds TSB, customers can ask for assistance on anything from their own account and sorting out paperwork, to dealing with foreign payments and arranging an international mortgage.'It saves me so much time'Louise Hunt is a human resources consultant. "Our Premier Banking service provides clients with a dedicated manager who can offer products, services and guidance."For most banks, the theory goes that you will be linked up with a personal manager whom you can call at any time of day for advice relating to your account, or to discuss any problems you may have.At Barclays your Premier Manager promises to tackle all aspects of your day-to-day finances, and take an active interest in your future financial needs. If you don't, forget it."For most people, however, it is not the perks they pay for but their access to a relationship manager. "We recognise that people who earn more than £100,000 per annum, or with substantial personal assets, have specific banking and financial requirements that are different to the mass market," says Tiku Patel, managing director of Barclays Premier Banking.