Fed's Dudley Not That Worried About A Recession

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"The risk of a recession is somewhat higher than it was six months ago. That said, I think the risk of a recession is still quite low," William Dudley, the president of the Federal Reserve Bank of New York, said today. Dudley said that "only some of the restraints on growth, such as high oil prices and Japan's earthquake in the first half of the year, can be considered temporary. The risks have risen a little bit, but I think we very much still expect the economy to recover. We expect ... growth to be significantly firmer than it was during the first half of the year. But obviously there is some concern." [Reuters]

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