Aaron Task presents a great Fed premonition. The Fed might not be done. In fact, it seems pretty clear they are locked into a recessionary outlook and few ideas for a short-term recovery.
Recent policy actions, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help over time to improve credit conditions and promote a return to moderate economic growth. Nevertheless, downside risks to growth remain. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
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