The Worst of Recession Over: Fed
The Federal government said that the worst of recession is over following its success to keep credit flowing while providing financial aid to industries reeling from financial slowdown.
Meanwhile, officials said the road to recovery may still be quite challenging as the US economy was battered by serious financial crisis.
The Federal government said that the worst of recession is over following its success to keep credit flowing while providing financial aid to industries reeling from financial slowdown. Meanwhile, officials said the road to recovery may still be quite challenging as the US economy was battered by serious financial crisis.
In a press conference in Vanderbilt University, senior economic presidential adviser Paul Volcker said the economy is still declining but at a slower rate compared to previous months and reiterated the need to adopt new measures such as interest rate cuts and other tax incentives to boost consumer spending.
Meanwhile, Volcker said the financial system is still wobbly but certainly not in a “state of comatose” as some analysts have feared.
“It is important to have an effective recovery plans to stop financial slowdown which is hurting the economy”, he added.
Volcker’s assessment regarding the economy is supported by Federal Reserve officials including New York Fed chief William Dudley and Fed vice chairman Donald Kohn who said that the banking system has already adopted economic strategies to revive the ailing economy.
As recession hit the country in September last year, Americans cut spending which further aggravates the financial crisis as growth was dampened by low consumer spending.
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