The Federal Reserve’s Beige Book says that the Dallas district’s economy has “firmed” somewhat in the last six weeks. That’s about a positive as it’s willing to get.
In a speech today, Dallas Fed President Richard Fisher takes extra measures to ensure we don’t get too excited, now that some of the Fed’s contacts say we’re “up off the bottom”:
“We are likely to see a prolonged period of sluggish economic performance and uncomfortably high unemployment as businesses reallocate capital and labor to fit the new economic landscape.”
I’m tired of this meltdown slowdown. Anything more inspiring on TV tonight?
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