Chairman Greenspan's Testimony & Semi-annual Monetary Policy Report to the Congress

"The Federal Reserve will pursue its statutory objectives of price stability and maximum sustainable employment--the latter of which we have learned can best be achieved in the long run by maintaining price stability. This is the surest contribution that the Federal Reserve can make in fostering the economic prosperity and well-being of our nation and its people."

http://www.federalreserve.gov/boarddocs/hh/2005/february/testimony.htm

Economic Projections for 2005 and 2006

Federal Reserve policymakers expect the economy to expand moderately and inflation to remain low in 2005 and 2006. Real GDP growth is expected be be 3.75 to 4 percent for 2005 and about 3.5 percent in 2006. The unemployment rate is expected to average about 5.25 percent in the fourth quarter of 2005 and they expect the unemployment rate to edge down to between 5 percent and 5.25 percent for 2006. The price index for core personal consumption expenditures is expected to be about the same as the 1.6 percent increase posted over 2004.

http://www.federalreserve.gov/boarddocs/hh/2005/february/fullreport.htm

Tom notes that real estate still looks like a good investment.