SEATTLE -- Demographic trends in the United States may foretell lower long-term interest rates in coming years, the senior U.S. economist at Donaldson, Lufkin & Jenrette told municipal analysts yesterday.

The nation faces "an enormous demographic drag" that has important implications for items such as housing starts and inflation, economist Richard F. Hokenson said here at the opening session of the 10th annual conference of the National Federation of Municipal Analysts. Over 100 analysts attended the meeting.

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