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Chicago Fed Symposium Sees Better Times Ahead

After real GDP growth of 1.7% this year, the economy should reach 2.3% growth next year, while inflation remains tame and unemployment edges down, according to the 26th annual Chicago Fed Economic Outlook Symposium.

CPI inflation is seen at 2.0% this year and 2.1% next, while unemployment is seen dropping to "a still quite high 7.6%" by the end of 2013.

"Consumer spending is predicted to rise at a moderate pace next year," while "business spending is expected to strengthen," according to consensus. Housing sector is also seen improving "at a faster pace."

Housing starts are expected to rise to 770,000 units this year and 950,000 next.

"Car and light truck sales are predicted to increase to 15.0 million units in 2013-above this year's anticipated sales of 14.3 million units," according to the Fed.

Oil prices should fall to $89.83 per barrel in the final quarter of this year and then increase to $93.75 per barrel by the end of 2013.

Industrial production growth is expected at 2.3% this year and 2.7% next year.

The one-year Treasury interest rate is seen edging up 2 basis points next year, while the ten-year Treasury is expected to jump 32 basis points in that period.

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