The Bond Market Association is predicting that economy will be taking a softer tone in 2001, the Association's Economic Advisory Committee said last week at its eighth annual forecast meeting.

William Dudley, director of U.S. economic research at Goldman, Sachs & Co. and member of the Committee, said that the group gives the Federal Reserve high grades for monetary policy. While Fed Chairman Alan Greenspan recently lifted his bias on tightening, Dudley does not believe monetary policy will be changed in 2001.

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