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Fed admits the obvious

Posted by patriot on April 8th, 2008

Well, duh. Oh, but they call it a “downturn” instead of a recession Good play on words.

Some members of the Federal Reserve are worried about the possibility of a “severe and protracted downturn” in the U.S. economy that could last into next year, according to the minutes of the central bank’s latest meeting released Tuesday.

The Fed said its staffers now expect the nation’s gross domestic product (GDP) to shrink in the first half of this year, the clearest signal yet from the central bank that its members think the economy could be close to entering a recession — if it hasn’t already. Many Fed policymakers indicated that a downturn in the economy in the first half of the year “now appeared likely.”

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