US Economy Is Basically 'Still In Recession': Fed's Evans

The U.S. economic outlook has "clearly" deteriorated this year, and the continued softness of economic indicators shows that the headwinds facing the country are even stronger than thought, Chicago Federal Reserve President Charles Evans said on Wednesday.

"Conditions still aren't much different from an economy still in recession ," Evans, speaking at a seminar in London said.

He said the Fed faced significant challenges in overcoming the obstacles left behind by the financial crisis.

Evans, a voting member on the Federal Open Market Committee , said he believed central banks should focus on medium- rather than short-term inflation as many short-term effects such as fluctuations in food and energy prices were beyond policy makers' reach.

Read Full Article from CNBC.com

- Posted: 2011-09-07 13:03:30

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