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The economy will improve slightly in 2008 and inflation will edge down slightly, Federal Reserve Bank Chairman Alan Bernanke told Congress this morning.
Growth will rise 2.25 percent to 2.5 percent this year, according to a forecast issued today by fed governors and presidents of district banks. Next year, the economy will expand 2.5 percent to 2.75 percent, they predict.
Inflation, excluding volatile food and energy, fell in May to 1.9 percent, from 2.4 percent in February-the highest since 1995, according to Bloomberg.
Inflation will slow to the 1 percent to 2 percent favored by many Fed policymakers so long as energy prices level off, Bernanke said.
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