Economic Recovery “Modest” as a Turtleneck
August 11th, 2010
The Federal Reserve met yesterday to discuss averting the prospect of deflation in the midst of a slower-than-expected economic recovery, “the committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be more modest in the near term than had been anticipated.”
Bernanke and other Fed officials said to have blushed after discussing “longer-term Treasury securities” at length.
For the full Board of Governors of the Federal Reserve System minutes, click here.
