Accurate short-term prediction of travel speed as a proxy for time is central to many Intelligent Transportation Systems, especially for Advanced Traveler Information Systems and Advanced Traffic Management Systems. In this study, we propose an innovative methodology for such prediction. Because of the inherently direct derivation of travel time from speed data, the study was limited to the use of speed only as a single predictor. The proposed method is a hybrid one that combines the use of the empirical mode decomposition (EMD) and a multilayer feedforward neural network with backpropagation. The EMD is the key part of the Hilbert-Huang transform, which is a newly developed method at NASA for the analysis of nonstationary, nonlinear time series. The rationale for using the EMD is that because of the highly nonlinear and nonstationary nature of link speed series, by decomposing the time series into its basic components, more accurate forecasts would be obtained. We demonstrated the effectiveness of the proposed method by applying it to real-life loop detector data obtained from I-66 in Fairfax, Virginia. ous forecasting techniques. Rigorous testing of the distribution of prediction errors revealed that the model produced unbiased predictions of speeds. The superiority of the proposed model was also verified during peak periods, midday, and night. In general, the method was accurate, computationally efficient, easy to implement in a field environment, and applicable to forecasting other traffic parameters.