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The Federal Reserve cut its economic outlook for 2009 on Wednesday and warned that the United States economy would face an “unusually gradual and prolonged” period of recovery as the country struggles to climb out of a deep global downturn.
In economic projections released by the central bank, the Fed’s Open Market Committee said it expected that the economy would contract by 0.5 percent to 1.3 percent this year, that unemployment would rise to 8.5 to 8.8 percent and that inflation would remain under greater pressure. Bleak economic data reflecting a sharpening slide in housing, trade, industrial production, spending and employment rates “more than offset” any potential impact from an economic stimulus plan, the Fed said, forcing it to cut its economic outlook.
Economists said the Fed came closer than ever to setting an official target for inflation in its economic outlook when it projected that longer term inflation would be 1.7 to 2 percent.
Barack Obama’s senior advisers have drawn up plans to lower expectations for his presidency if he wins next week’s election, amid concerns that many of his euphoric supporters are harbouring unrealistic hopes of what he can achieve.
The sudden financial crisis and the prospect of a deep and painful recession have increased the urgency inside the Obama team to bring people down to earth, after a campaign in which his soaring rhetoric and promises of “hope” and “change” are now confronted with the reality of a stricken economy.
One senior adviser told The Times that the first few weeks of the transition, immediately after the election, were critical, “so there’s not a vast mood swing from exhilaration and euphoria to despair”.
Originally posted by SLAYER69
reply to post by stevegmu
I just don't want people around the globe with their hands out for some stimulus money then turn around and bash the US or vote against us and think it's ok