AI
Wednesday, February 18, 2009 7:36:09 PM
http://www.businessinsider.com/fed-still-wont-admit-how-bad-economy-is-2009-2 
The Federal Reserve sharply downgraded its outlook for the economy this year, forecasting a deeper contraction and an unemployment rate near 9% by the end of the year.
In projections released Wednesday, central bank policy makers effectively indicated that the sharp declines under way in the first half of the year would be only partially offset by any growth in the second half. Most officials also indicated that they don't expect unemployment to return to a normal rate of about 5% before 2012 at the earliest.
The Federal Reserve sharply downgraded its outlook for the economy this year, forecasting a deeper contraction and an unemployment rate near 9% by the end of the year.
In projections released Wednesday, central bank policy makers effectively indicated that the sharp declines under way in the first half of the year would be only partially offset by any growth in the second half. Most officials also indicated that they don't expect unemployment to return to a normal rate of about 5% before 2012 at the earliest.
