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Wednesday, April 29, 2009

FOMC Statement- Economy still contracts!

The 100 day surprise!

Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time.

Well, be thankful that we didn't have a terrorist attack!
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