Philadelphia Fed's Santomero on economic outlook

In the speech 'Economic outlook' given on 31 August, Anthony Santomero of the Philadelphia Fed said the effects of Hurricane Katrina will cause economic dislocations in the short-term but will not derail the U.S. economic expansion.

Noting the U.S. economy has proven to be capable of absorbing shocks, Philadelphia Fed President Anthony Santomero said "after a short period, the effects of Katrina are likely to slow but not stall the forward progress of the national economy."

"To keep these

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