With chatter about deflation and a jobless recovery abating, the investment outlook for the rest of the year will be dominated by inflationary concerns and the quality of corporate earnings, according to several executives at US Bancorp Asset Management.

The Minneapolis-based firm offered its 2004 investment outlook last Tuesday on a conference call with reporters, in which it predicted that gross domestic product growth will slow from the 6% pace in the last half of 2003, returning to more typical levels in the second half of the year.

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