Philadelphia's Santomero on the economic outlook

In the speech 'Economic outlook and the role of bank directors' given on 11 June, Anthony Santomero of the Federal Reserve Bank of Philadelphia said he expected US inflation to be well-contained in 2005, allowing the Fed to raise interest rates to a neutral level at a 'measured' pace.

But Santomero said he was more "somewhat more concerned" about inflation now than he was a year ago.

"If the economy evolves as I anticipate over the next year or so, I expect we will continue to move the federal

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