Phil Fed's Survey of Professional Forecasters

The Federal Reserve Bank of Philadelphia published its First Quarter 2007 Survey of Professional Forecasters on 13 February. Two measures of core inflation in the U.S. economy will decelerate in 2007 and hold nearly steady over the following two years, according to 49 forecasters surveyed.

Measured on a fourth-quarter over fourth-quarter basis, core CPI inflation will fall to 2.3 percent this year and hold steady at that rate in 2008 and 2009. An alternative measure of core inflation, the rate of

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