For example, people would be assumed to predict inflation by looking at inflation last year and in previous years.

Mr. Greenspan predicted modest economic growth and continued low inflation.

He predicts inflation of 4.7 percent for the year, compared with 4.6 percent in 1989 - inflation rates the Federal Reserve has called unacceptable.

The association also predicted less inflation for 1994.

I predict inflation to hit 5% by april.

The Congressional Budget Office on Wednesday predicted inflation of 4.1 percent this year.

But the Fed's advantage in this case is not so large as with predicting inflation.

It represents a new means for predicting inflation over the long run.

They are predicting inflation of 15 percent or less in April.

With inflation so well behaved, Fed officials speak more openly about the possibility that their traditional models for predicting inflation are no longer worth much.