CHICAGO - The nation's economy in 1994 is expected to continue to grow at the same moderate pace experienced in 1993, Federal Reserve Gov. Edward Kelley said at a Chicago Board of Trade briefing Tuesday.
"The growth will accelerate over time," Mr. Kelley said.
He noted that the expected positive growth for the fourth quarter of 1993 would mark the 11th consecutive quarter of growth that the economy has registered.
Inflation remains the Fed's leading concern, and the war on inflation continues, he said. The core rate of inflation is the leading indicator that the Fed is watching, Mr. Kelley said. And while progress has been made in bringing inflation down, "more needs to be made."