WASHINGTON -- Federal Reserve officials have given up, at least for now, hopes of achieving further gains against inflation even though the economy remains soft, Board Chairman Alan Greenspan said yesterday.

Testifying before a House Banking subcommittee, Greenspan revealed that Fed officials have scaled back their forecasts for economic growth in 1993 and now believe inflation will rise by 3% or slightly more both this year and next.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.