WASHINGTON -- Federal Reserve Board Governor Susan Phillips said 2.8% growth in gross domestic product in the third quarter was "quite good."

Speaking to reporters on Thursday before testifying at a congressional hearing, she said the moderate growth pace would probably continue.

The Fed governor also said that the price deflator statistics released by the Commerce Department earlier in the day were encouraging.

Ms. Phillips said that because of the fairly strong performance in the third quarter, it's feasible that fourth-quarter GDP will be somewhat weaker.

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