Fed Minutes
January 07, 2009 at 07:53 AM EST
[Skip to the end] Contraction for all of 2009 and core inflation to fall through 2010. In the forecast prepared for the meeting, the staff revised down sharply its outlook for economic activity in 2009 but continued to project a moderate recovery in 2010. Real GDP appeared likely to decline substantially in the fourth quarter of 2008 [...]