Working to offset somewhat this anticipated slowing of the growth of domestic demand, our export markets can be expected to be more buoyant because of the revival in growth in many of our important trading partners.
After considering the various forces at work in the near term, most of the Federal Reserve governors and Bank presidents expect the growth rate of real GDP to be between 3½ and 3¾% over the four quarters of 1999 and 2½ to 3% in 2000. The unemployment rate is expected to remain in the range of the past eighteen months.