Fed's Lacker sees end of year recovery
Jeffrey Lacker, the president of the Richmond Federal Reserve, expects the recession to end later this year.
Lacker said that two important and very often underestimated stabilising forces were the resilience of the American consumer and the power of monetary policy. He said that the Fed more than doubled the amount of monetary liabilities in the past eight months, which was an extraordinary expansion that would bolster spending in the months ahead.
He made the comments on 4 May.
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