Fed eyes year long recession.
FOMC sees inflation retreating to comfort zone
FOMC sees gradual recovery in second half of 2009, into 2010
Fed members see contraction last four quarters, minutes say
Fed policymakers see yearlong recession, FOMC minutes show
The pace of economic activity appears to have slowed markedly......
A decline in consumer expenditures.
Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for U.S. exports....
Intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit....
Expects inflation to moderate in coming quarters to levels consistent with price stability.
The crux is this": Recent policy actions, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help over time to improve credit conditions and promote a return to moderate economic growth. Nevertheless, downside risks to growth remain. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability. IN SHORT: MORE RATE CUTS OR MORE CREATIVE ACTIONS
More important than any of the minutes is the OUTLOOK from the FOMC in the full minutes, and these are just the "central tendency numbers":
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