WASHINGTON - Federal Reserve Board Governor Susan M. Phillips said Friday that improved productivity, high levels of savings and investment, and price stability will lead to long-term economic growth.

"Not all the ingredients are accomplished at this point, but significant progress has been made," Ms. Phillips said. "I believe that we will begin seeing more clearly the results of those gains in measures of macroeconomic performance as we move on through the remainder of this decade and into the 21st century."

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