The consensus regarding growth in 2010 has narrowed, with the more optimistic forecasts being trimmed and the more pessimistic ones being lifted. The dispersion among forecasters (as measured by the standard deviation of predictions on a Q4/Q4 basis) tightened to 0.9 percentage point from 1.1 percentage point.

When asked to qualitatively characterize the economic recovery, panelists ascribed to no dominant view but suggested a variety of characterizations. The most popular view, by a small margin, describes the outlook as a traditional economic expansion in its early phase, with above-trend growth and gradually firming inflationary pressures. Only nine of the panelists firmly hold this position, however. Many NABE panelists fear that financial headwinds will hold growth short of what might typically be expected. Few foresee a stagflation scenario?EUR??,,????'?????<