The U.S. economic expansion still has ample momentum and recent signs of softness should be transitory, Philadelphia Fed President Anthony Santomero said on Wednesday. Santomero, speaking to the Philadelphia Business Journal, said he expected economic growth to run somewhat above its long-run potential and inflation to be reasonably slow and stable over the next year or so. In such circumstances the Fed would continue to raise interest rates at a measured pace, he said. But if the recent softness persisted and the expansion seemed to be faltering, then the Fed might have to consider slowing the pace of rate hikes, said Santomero. But equally, if inflationary pressures seemed to be accumulating, the Fed would need to consider quickening the pace of tightening. His comments echo those of Fed Chairman Alan Greenspan, who gave an upbeat outlook on the economy to the Senate Banking committee on Tuesday.|||