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Top Federal Reserve Officials Predict Weak Second Half; Warn Growth May Not Return Until 2010
Two top U.S. Federal Reserve officials on Friday predicted a weak second half for the U.S. economy, warning that strong U.S. growth may not return until 2010.
Atlanta Federal Reserve Bank President Dennis P. Lockhart and Chicago Fed Bank President Charles L. Evans both said the U.S. central bank is in no hurry to start raising rates while the American economy is sputtering badly because of an ongoing global financial crisis, a sagging housing market and inflationary pressures caused by a yearlong run-up in food-and-energy prices.
Indeed, Lockhart even said he wouldn’t rule out actually cutting interest rates if economic circumstances warranted…
18Aug2008 | Money Morning | Comments Off | Continued
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