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Federal Reserve's semiannual Monetary Policy Report to the Congress

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Federal Reserve’s semiannual Monetary Policy Report to the Congress, July 21, 2009

  • “Amid a severe global economic downturn, the U.S. economy contracted further and labor market conditions worsened over the first half of 2009. In the early part of the year, economic activity deteriorated sharply, and strains in financial markets and pressures on financial institutions generally intensified. More recently, however, the downturn in economic activity appears to be abating and financial conditions have eased somewhat, developments that partly reflect the broad range of policy actions that have been taken to address the crisis. Nonetheless, credit conditions for many households and businesses remain tight, and financial markets are still stressed. In the labor market, employment declines have remained sizable–although the pace of job loss has diminished somewhat from earlier in the year–and the unemployment rate has continued to climb. Meanwhile, consumer price inflation has remained subdued.”
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