WASHINGTON - Business economists said yesterday that they expect U.S. growth to moderate next year as the Federal Reserve ratchets up interest rates a little more.

The annual forecast issued by the National Association of Business Economists calls for U.S. output to rise 2.6% in 1995, down a notch from the estimated 3.6% increase this year. Analysts believe Fed officials are targeting about a 2.5% rate of growth in the economy to contain inflation.

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