Fed: Recession will Persist in the U.S. Until 2010
“Economic recession will continue until 2010 and most big risk to U.S. economy is the lack of political desire to save the financial system”, said the head of the Federal Reserve Ben Bernanke, in a television interview for CBS, Mediafax writes.
“This economic decline will be moderated and will begin to see a setback. We will not return to normal unemployment, but we perceive, I hope, the end of these declines, which were so strong in the last two quarters”; Bernanke pointed out, asked if he thinks the U.S. recession will end this year.
U.S. central bank (Fed) will use all available tools to stabilize financial markets and to prepare an economic recovery, said the financial institution’s president, Ben Bernanke. “Fed will use with responsibility all available tools to stabilize markets and financial institutions to promote the granting of loans (…) and to help set up a foundation for economic recovery” said Bernanke.
U.S. official has not commented the increase of unemployment in March and did not provide an estimate on the recovery of the economy.