Fed's Santomero on inflation targeting

In a speech on 'Monetary policy and inflation targeting in the United States' given on 4 October, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the U.S. economic recovery is on a self-sustaining track with little signs of undue inflationary pressure.

"I expect steady growth in consumer spending and the continued growth in business investment spending to support growth in real output in the range of 3.5 to 4.0 percent over the remainder of this year and through 2005,"

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