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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: oldirtybastard who wrote (402173)3/23/2010 4:18:58 PM
From: Jeff Jordan  Read Replies (2) of 436258
 
Jeannine Aversa, AP Economics Writer, On Tuesday March 23, 2010, 3:35 pm
WASHINGTON (AP) -- A Federal Reserve official says record-low interest rates are still needed to energize the economic recovery.

Janet Yellen, head of the Federal Reserve Bank of San Francisco and President Barack Obama's top pick to be vice chair of the central bank, says the sluggish recovery she anticipates means unemployment will stay high for years.

The jobless rate -- now at 9.7 percent -- will dip only to 9.25 percent by the end of this year and then to 8 percent by the end of 2011, she predicts.

Despite encouraging signs late last year, the housing market now "seems to have stalled," she says.

Yellen says the Fed was right last week to keep a pledge to hold rates at record lows for an "extended period." The decision drew one dissent.
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