The U.S. economy will expand at a steady and moderate pace in 1994 with virtually no change in inflation, putting the recovery on solid footing after a long period of fits and starts.

According to the The Bond Buyer's annual survey of 30 economists, the Federal Reserve will begin tightening monetary policy in 1994, ending a period of gradual easing of short-term rates that dates back to 1989. The only debate centers on when Fed officials will begin to move and how aggressively they will try to keep inflation in check.

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