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Economic Forecast Survey for 1999 (.pdf)

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                                      PERCENT CHANGE IN REAL
                                      GROSS DOMESTIC PRODUCT
                                              1999
                                    I     II      III    IV
                                   --------------------------
ROSANNE M. CAHN
Credit Suisse First Boston         3.5    3.3     3.1     2.9

KATHLEEN M. CAMILLI
Tucker Anthony                     5.0    2.0     3.0     2.0

CONSTANTINE G. SORAS
Bell Atlantic                      2.6    2.9     3.1     3.0

WILLIAM C. DUNKELBERG
Natl. Fed. of Indep. Business      3.0    2.5     3.0     2.7

DANIEL E. LAUFENBERG
American Express Fin. Advisors     3.1    2.3     2.7     2.9

MICHAEL R. ENGLUND
MMS International                  2.5    2.7     2.4     3.0

JOEL NAROFF
First Union Corp.                  1.2    2.3     3.2     3.6

SUSAN HICKOK
The Prudential Insurance Co.       2.0    2.0     3.0     3.0

SUZANNE RIZZO
Maria Fiorini Ramirez              2.5    2.5     2.5     2.5

JAMES J. BARKOCY
Brown Brothers Harriman & Co.      2.1    2.4     2.5     2.7

MAURY HARRIS
PaineWebber                        2.5    2.4     2.3     2.4

MICHAEL P. NIEMIRA
Bank of Tokyo-Mitsubishi           2.3    2.4     2.1     3.0

TIM O'NEILL
Bank of Montreal/Harris Bank       1.3    2.1     3.0     3.2

IAN SHEPHERDSON
High Frequency Economics           3.0    2.0     2.0     2.8

BILL CHENEY
John Hancock Financial Services    2.6    2.3     2.1     2.1

JOHN R. WILLIAMS
Bankers Trust                      2.3    2.3     2.3     2.3

MICHAEL R. PASLAWSKYJ
The CIT Group                      1.5    2.0     2.5     3.0

MARTIN A. REGALIA
U.S. Chamber of Commerce           1.8    1.9     2.3     2.7

DICK BERNER
Mellon Bank                        2.2    1.9     2.2     2.4

J. PRAKKEN & C. VARVARES
Macroeconomic Advisers             2.1    2.1     2.1     2.0

ROBERT H. SHROUDS
Du Pont                            0.5    1.4     2.8     3.8

THEODORE H. TUNG
National City Corp.                2.0    2.4     1.8     2.8

MORRIS COHEN
Morris Cohen & Associates          1.6    2.0     2.0     2.4

JIM COONS
Huntington National Bank           1.3    2.1     2.3     2.3

JOSEPH W. DUNCAN
The Dun & Bradstreet Corp.         2.4    1.9     1.5     2.3

STEPHEN GALLAGHER
Societe Generale                   1.5    1.8     2.0     2.0

VAN JOLISSAINT
DaimlerChrysler                    1.7    1.8     2.1     2.3

KURT E. KARL
WEFA                               1.5    1.6     2.5     2.6

KEN MAYLAND
Key Corp.                          2.0    1.5     1.5     3.0

SUNG WON SOHN
Wells Fargo & Co.                  2.5    1.9     1.8     1.8

DAVID M. BLITZER
Standard & Poor's                  1.4    1.0     2.7     2.7

ROBERT H. CHANDROSS
Republic National Bank of New York 2.3    1.5     1.8     2.3

NICHOLAS S. PERNA
Fleet Financial Group              1.5    1.6     1.6     2.6

RICHARD D. RIPPE
Prudential Securities              1.5    1.6     2.0     2.3

DAVID A. WYSS
Standard & Poor's DRI              1.3    1.1     2.4     2.3

MICHAEL P. CAREY
Credit Lyonnais                    1.4    1.6     1.7     2.3

JAMES COOPER & KATHLEEN MADIGAN
Business Week                      2.1    1.2     1.6     1.7

STUART G. HOFFMAN
PNC Bank Corp.                     1.8    1.5     1.5     2.0

CHARLES REEDER
Charles Reeder Associates          0.1   -0.1     2.9     3.9

THOMAS SYNNOTT
U.S. Trust Co. of N.Y.             1.5    1.5     1.5     2.0

MARK ZANDI
Regional Financial Associates      1.3    0.6     1.0     3.8

MAUREEN F. ALLYN
Scudder Kemper Investments         2.0    1.2     1.5     1.3

WILLIAM C. DUDLEY
Goldman Sachs                      2.3    1.8     1.2     0.8

L. DOUGLAS LEE
HSBC Securities                    2.1    0.9     1.7     1.5

LYNN O. MICHAELIS
Weyerhaeuser Co.                   1.8    0.7     2.3     1.5

DAVID RESLER
Nomura Securities Intl.            1.4    1.3     1.7     1.7

BRUCE STEINBERG
Merrill Lynch                      1.1    1.2     1.5     2.1

ANTHONY CHAN
Banc One Investment Advisors       1.8    1.0     1.4     1.4

ROBERT A. BRUSCA
The Nikko Securities Co.           0.8    1.0     1.1     1.6

ROBERT McGEE
Tokai Bank Ltd.                    2.0    1.5     1.0     0.0

PHILIP BRAVERMAN
DKB Securities (USA)               1.0    0.5     1.0     1.5

JOHN LIPSKY
Chase Manhattan Bank               0.0    0.0     1.7     2.3

EDWARD YARDENI
Deutsche Bank Securities           2.2    1.5     0.0    -1.0

WILLIAM A. BROWN
J. P. Morgan                       1.0   -1.0    -2.0     1.5

RONALD R. REUSS
Piper Jaffray                      0.5    0.0    -1.0    -2.0

CONSENSUS                          1.9%   1.6%    1.9%    2.2%

                                                   (treasury
                                  REAL CONSUMER     yields)    JOBLESS
                                   GDP  PRICES   3-MO.   30-YR.  RATE
                                   ---------------------------------
                                    IV Q 98      1999    1999    1999
                                   TO IV Q 99    IV Q    IV Q    IV Q
                                    (% CHANGE)
ROSANNE M. CAHN
Credit Suisse First Boston         3.2    2.0    4.50    4.80    4.8

KATHLEEN M. CAMILLI
Tucker Anthony                     3.0    2.3    5.00    5.50    4.0

CONSTANTINE G. SORAS
Bell Atlantic                      2.9    2.1    4.36    5.20    4.4

WILLIAM C. DUNKELBERG
Natl. Fed. of Indep. Business      2.8    1.9    4.60    5.00    4.9

DANIEL E. LAUFENBERG
American Express Fin. Advisors     2.8    2.5    4.75    5.75    4.4

MICHAEL R. ENGLUND
MMS International                  2.7    2.6    4.05    4.50    4.3

JOEL NAROFF
First Union Corp.                  2.6    2.4    .25    5.25    5.1

SUSAN HICKOK
The Prudential Insurance Co.       2.5    2.2    4.50    6.00    5.2

SUZANNE RIZZO
Maria Fiorini Ramirez              2.5    2.5    4.50    6.00    4.8

JAMES J. BARKOCY
Brown Brothers Harriman & Co.      2.4    2.2    4.50    5.40    4.9

MAURY HARRIS
PaineWebber                        2.4    2.2    4.20    5.00    4.5

MICHAEL P. NIEMIRA
Bank of Tokyo-Mitsubishi           2.4    2.2    4.50    5.15    4.7

TIM O'NEILL
BanK of Montreal/Harris Bank       2.4    3.0    5.25    6.45    4.4

IAN SHEPHERDSON
High Frequency Economics           2.4    2.5    4.50    5.50    4.0

BILL CHENEY
John Hancock Financial Services    2.3    2.3    4.25    5.40    4.8

JOHN R. WILLIAMS
Bankers Trust                      2.3    2.9    4.60    5.50    4.3

MICHAEL R. PASLAWSKYJ
The CIT Group                      2.2    2.0    4.00    4.90    5.0

MARTIN A. REGALIA
U.S. Chamber of Commerce           2.2    2.4    4.30    5.40    5.0

DICK BERNER
Mellon Bank                        2.1    1.9    3.80    5.20    4.9

J. PRAKKEN & C. VARVARES
Macroeconomic Advisers             2.1    2.4    4.30    5.30    4.8

ROBERT H. SHROUDS
Du Pont                            2.1    2.3    4.50    5.30    5.0

THEODORE H. TUNG
National City Corp.                2.1    2.1    4.00    4.90    4.8

MORRIS COHEN
Morris Cohen & Associates          2.0    2.3    4.00    5.00    4.8

JIM COONS
Huntington National Bank           2.0    2.3    3.84    5.82    5.0

JOSEPH W. DUNCAN
The Dun & Bradstreet Corp.         2.0    2.1    4.25    5.30    4.8

STEPHEN GALLAGHER
Societe Generale                   2.0    2.0    4.25    5.25    4.5

VAN JOLISSAINT
DaimlerChrysler                    2.0    2.5    4.50    5.60    5.3

KURT E. KARL
WEFA                               2.0    2.1    4.20    5.00    4.8

KEN MAYLAND
Key Corp.                          2.0    2.5    3.97    4.82    5.0

SUNG WON SOHN
Wells Fargo & Co.                  2.0    2.3    4.25    4.80    5.0

DAVID M. BLITZER
Standard & Poor's                  1.9    2.7    3.30    4.30    4.6

ROBERT H. CHANDROSS
Republic National Bank of New York 1.8    2.0    4.15    5.10    4.8

NICHOLAS S. PERNA
Fleet Financial Group              1.8    2.4    4.20    5.20    5.0

RICHARD D. RIPPE
Prudential Securities              1.8    2.3    4.20    5.50    4.9

DAVID A. WYSS
Standard & Poor's DRI              1.8    2.7    4.20    4.90    4.7

MICHAEL P. CAREY
Credit Lyonnais                    1.7    2.2    4.45    5.30    5.0

JAMES COOPER & KATHLEEN MADIGAN
Business Week                      1.7    1.9    3.60    4.50    5.2

STUART G. HOFFMAN
PNC Bank Corp.                     1.7    2.0    3.70    4.63    4.9

CHARLES REEDER
Charles Reeder Associates          1.7    2.4    4.50    4.80    5.1

THOMAS SYNNOTT
U.S. Trust Co. of N.Y.             1.7    2.2    3.75    5.00    4.9

MARK ZANDI
Regional Financial Associates      1.7    2.3    4.25    5.35    5.0

MAUREEN F. ALLYN
Scudder Kemper Investments         1.5    1.6    4.50    4.80    5.0

WILLIAM C. DUDLEY
Goldman Sachs                      1.5    1.9    3.60    4.70    5.2

L. DOUGLAS LEE
HSBC Securities                    1.5    2.5    3.70    4.90    5.5

LYNN O. MICHAELIS
Weyerhaeuser Co.                   1.5    2.7    4.50    5.90    4.5

DAVID RESLER
Nomura Securities Intl.            1.5    1.3    3.90    4.75    5.2

BRUCE STEINBERG
Merrill Lynch                      1.5    1.5    3.70    4.70    5.2

ANTHONY CHAN
Banc One Investment Advisors       1.4    1.8    3.80    4.75    5.0

ROBERT A. BRUSCA
The Nikko Securities Co.           1.1    3.1    4.20    5.40    5.5

ROBERT McGEE
Tokai Bank Ltd.                    1.1    1.3    3.00    4.25    5.0

PHILIP BRAVERMAN
DKB Securities (USA)               1.0    1.0    3.50    4.00    5.1

JOHN LIPSKY
Chase Manhattan Bank               1.0    1.3    3.50    4.50    5.0

EDWARD YARDENI
Deutsche Bank Securities           0.7    1.0    3.00    4.00    4.8

WILLIAM A. BROWN
J. P. Morgan                      -0.1    2.0    3.05    4.75    5.7

RONALD R. REUSS
Piper Jaffray                     -1.5    0.5    3.25    4.50    5.5

CONSENSUS                          1.9%   2.1%   4.11%   5.08%   4.9%



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