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Phil Fed's Santomero: lessons from business cycle

In a speech on 'Lessons learned from the recent business cycle' given on 1 March, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the US economy is on track for moderate sustainable growth with relatively stable prices, but declining productivity growth was likely to boost labour costs.

"I believe the economy is on course for steady growth at a sustainable pace," Philadelphia Fed President Anthony Santomero said in the speech to the American Academy in Berlin.

"This pattern of

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