The Meltdown

Federal Reserve: No End in Sight

The Federal Reserve is now saying 2009 may be worse than they originally expected: It has upped its projection of the economic contraction in 2009 from a range of 0.2 to 1.1 percent to a range 0.5 to 1.3 percent. It is also projecting that unemployment could also reach as high as 8.8 percent. Growth is expected to resume at a rate of 2.5 to 3.3 percent in 2010 and 3.8 to 5 percent in 2011.