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In this article members of the Digital Signal Processing (DSP) Technical Committee (TC) report recent breakthroughs in signal processing fundamentals that have happened in the last two decades. These breakthroughs include various advances and extensions from old techniques to new techniques. For example, signal processing techniques have moved from single-rate to multirate processing, from time-invariant to adaptive processing, from frequency-domain (the traditional Fourier transform, as we know it) to time-frequency analysis, and from linear to non-linear signal processing. Recent developments in these areas have not only renovated the theory of digital signal processing, they have also resulted in new tools that find applications in various domains. For instance, multirate signal processing has triggered recent advances in modem technology and speech/audio coding; adaptive filtering has made echo cancellation and noise suppression possible; time-frequency analysis has found its way into various applications in radar and medical signal processing; and non-linear processing has made engineers rethink various problems in speech recognition and image analysis. This article provides an extensive list of highlights from these recent developments.