Bernanke Predicts Gradual Economic Recovery, Says Unemployment Rate Will Remain High Next Year
Federal Reserve and Reserve Bank projections indicate “subdued” inflation over the next two years, a slight increase in output at the end of this year, and a gradual recovery starting in 2010 with some acceleration in 2011, said Federal Reserve Board Chairman Ben Bernanke. Despite better conditions in financial markets and optimistic economic prospects, the unemployment rate continues to rise. “The projected declines in 2010 and 2011 would still leave unemployment well above FOMC participants’ views of the longer-run sustainable rate,” he said. (0:46)
July 21, 2009
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