Como se combate o populismo? "Com eleições", responde Fukuyama

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8:26am 01/18/05 SANTOMERO SEES ROBUST CONSUMER, BUSINESS SPENDING
8:26am 01/18/05 SANTOMERO SEES U.S. JOB GROWTH AT 150K-200K PER MONTH
8:26am 01/18/05 SANTOMERO SEES 2005 U.S. GDP AT 3.5-4%
8:26am 01/18/05 SANTOMERO SEES U.S. INFLATION 'WELL CONTAINED' IN 2005
8:26am 01/18/05 FED'S SANTOMERO SEES MEASURED PACE OF FED RATE HIKES

Santomero sees Fed on measured pace
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:59 AM ET Jan. 18, 2005

WASHINGTON (CBS.MW) -- The Federal Reserve will likely remain on a path of "measured" rate hikes this year, said Philadelphia Fed President Anthony Santomero in his 2005 economic outlook speech Tuesday.

Speaking to the Greater Philadelphia Chamber of Commerce, Santomero said he believed inflation would remain "well contained" this year as the economy grows at a pace of about 3.5 percent to 4 percent. Healthy consumer spending and robust business investment will lead the way.

A copy of Santomero's address was made available in Washington.
Read the full speech here:
http://www.philadelphiafed.org/publicaf ... mero1.html

Santomero, who votes on the Federal Open Market Committee this year, said he expects steady job growth of about 150,000 to 200,000 per month.

"The U.S. economy is now embarked on a period of sustained expansion," he said. Such growth would be "consistent with stable prices."

"Accordingly, I expect inflation to remain well contained in 2005, both overall and by core measures which exclude food and energy prices," Santomero said.

If the economy evolves as forecast, "I expect we will continue to move the federal funds rate toward neutrality at a measured pace," Santomero said, repeating language that has appeared in each of the last six FOMC statements.

The FOMC has raised the fed funds target by a quarter percentage point at each of the last five meetings.

Minutes of the most recent FOMC meeting in December revealed a split committee, with some members calling for faster rate hikes to keep inflation contained. The majority, however, prevailed with a unanimous vote for a quarter-point rate hike and retention of language suggesting the Fed would stick to its "measured" pace.