A 'moderately' expanding U.S. economy was slowed last year by a manufa...
WASHINGTON - A “moderately” expanding U.S. economy was slowed last year by a manufacturing slump and weak global growth, but key risks have receded and the likelihood of recession has declined, the U.S. Federal Reserve said in its latest monetary policy report to the U.S. Congress.
“The likelihood of a recession occurring over the next year has fallen noticeably in recent months,” the Fed said, basing its conclusion on models of recession probabilities that incorporate the behavior of bond markets and other factors. While a White House official on Friday said the likely impact on the United States will be “minimal,” the disease has introduced an unexpected and unpredictable problem into an economic outlook that the Fed felt was starting to improve after a turbulent year.
It also reviewed the spike in the federal funds rate last fall and the steps the Fed has taken to relieve funding pressures, repeating it considers the measures technical and not a change in monetary policy.
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