Fed: Recession may be even worse

01/7/2009 | Wall Street Journal, The

Minutes from the Federal Reserve's December meeting released Monday show officials downgrading the nation's financial outlook for 2009. Now they predict the first part of this year will see a severe contraction and be followed by slow, insufficient growth in the second. "Amid the weaker outlook for economic activity over the next year, the unemployment rate was likely to rise significantly into 2010," Fed staff also concluded.

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Wall Street Journal, The

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