Atlanta Fed Head: Bad Times Through First Half of 2009
Don't expect an economic turnaround until at least the second half of 2009, the head of the Federal Reserve Bank of Atlanta said today.
“Recent data indicate that the national economy is in recession,” Dennis Lockhart, president of the Atlanta Fed, said this morning in Palm Beach, Fla.
Lockhart's forecast jibes with what the IMF said last month when it predicted that U.S. growth will be flat or maybe even slightly negative through summer 2009.
Lockhart said he has seen some promising signs, however.
“Recovery will certainly come, and there are hopeful signs these last few days in the credit markets that the process has begun,” he said.
-- Frank Ahrens
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