Fed Chairman Ben Bernanke delivered his testimony on July 18, 2007.
“Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007 with growth then strengthening a bit in 2008 to a rate close to the economy’s underlying trend…..The central tendency of the growth forecast, which are conditioned on the assumption of appropriate monetary policy, is for real GDP to expand roughly 21⁄4 to 21⁄2 percent this year and 21⁄2 to 23⁄4 percent in 2008……The unemployment rate is anticipated to edge up between 41⁄2 and 43⁄4 percent over the balance of this year and about 43⁄4 percent in 2008”
About the Author: Wesley Gray, PhD
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