Fed officials expect economy to continue deteriorating

03/5/2009 | Reuters

Federal Reserve officials are confident that policy action will help bring about the end of the recession, but they said the economy will continue to weaken during the next few months. Officials are concerned with rising unemployment and problems in the housing market as well as commercial real estate. Richard Fisher, president of the Federal Reserve Bank of Dallas, characterized himself as being the most pessimistic of his colleagues. He said the recession, which has already lasted more than a year, might last two years.

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