The U.S. economy appears to be doing quite well, with prices in check even as the resource utilization rate rises, Federal Reserve Governor Susan Phillips said this week.

"The health of the U.S. economy is really quite good at the present time, in spite of the fact that the current expansion is getting a bit long in the tooth," Ms. Phillips said at a meeting of the Economic Roundtable of Jacksonville. Inflation, she added, is "moderate," and tame inflation expectations could create the environment for a further decline in long- term bond yields.

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