So the market may continue a modest recovery, but it is not poised to drive higher from a nowhere-but-up washout like in 2002.
But it continues a more modest buildup already begun by Mr. Bush, and it has bipartisan support.
If that relationship continues, even a modest stock rebound this year will spell trouble for bonds.
The chairman, Ben S. Bernanke, said Wednesday that the recovery was continuing at a modest pace, though with a "somewhat weaker outlook".
Francis Lewis High School's once robust newspaper, The Patriot, has struggled to continue as a modest online project after the school, in Queens, stopped offering a journalism class that produced most of the stories for the print edition.
Growth continues at a "modest to moderate pace," the Fed said Wednesday in its monthly beige book survey of economic conditions across the country, released separately from Mr. Bernanke's testimony.
WASHINGTON — The Congressional Budget Office said Wednesday that the economic recovery would continue "at a modest pace" for the rest of the year, but that if Congress took no action to stave off tax increases and automatic budget cuts scheduled for Jan . 1 the economy could fall into a recession.
But Mr. Trichet told a special session of the European Parliament's economic committee, called to discuss the debt crisis in Europe, that inflation could remain above the bank's target level of 2 percent "over the months ahead" and predicted that growth would continue at a "modest pace".
In an email to senior managers today, Thompson said: "The directors and I discussed this very carefully before concluding it was not appropriate to award an increase in pay or award a bonus this year to the senior managers of the organisation – but that we should continue with a modest pay review for the majority of the BBC's employees.
Managers reported prices rising more steeply than was the case across the UK as a whole, while recruitment was continuing at a modest pace, mostly in the service sector.
