LOS ANGELES -- Robert Parry, president of the Federal Reserve Bank of San Francisco, said the U.S. economy has entered a phase of "sustained expansion," though at a rate of growth on the anemic side compared to our usual performance following a recession."

In remarks prepared for the Los Angeles Bond Club, Mr. Parry said consumer prices, which have risen at an annual rate of 3.25% so far this year, will average out to an increase of about 3% for all of 1992 and hold at that level in 1993.

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