The Economic Outlook

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: As you are well aware, we are in the midst of a severe recession. It is likely that, by at least some metrics, this recession will prove to be more severe than any other we have seen in the last 60 years. The recession began at the beginning of last year, and the rate of decline became particularly acute last fall. All economic contractions eventually come to an end, however, and the growth process resumes. Where are we in this process? As I will discuss, while overall activity is still contracting, it now appears as if the pace of contraction is diminishing, and at some point later this year, activity will bottom out and begin expanding again.

Date: 2009-05-08
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