Credit markets could block U.S. recovery, Fed official says

03/26/2009 | Reuters

There is a real danger that the weak U.S. economy and its frozen credit markets will reinforce each other and prolong the recession, said Janet Yellen, president of the Federal Reserve Bank of San Francisco. She said it is difficult to anticipate the effects of the stimulus because the Fed is using "new policy tools, and we simply don't have the experience needed to pin down the magnitude of the impacts."

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