While many economic forecasters predict real gross domestic product will grow at a 3% pace this year and a 4% pace in 2011, Federal Reserve Bank of Minneapolis president Narayana Kocherlakota said yesterday he believes growth will be a little slower, averaging 3% over the next two years.

“This pessimism derives from two sources,” Kocherlakota told the Allied Executives Business and Economic Outlook Symposium in Minneapolis, according to a prepared text of his remarks released by the Fed.

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