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Fed, ECB Eye Recovery


“U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said on Friday the worst global recession in 70 years was nearing a close but warned it would be a long, slow climb back to normal growth.

At an annual Fed retreat set against the backdrop of the Grand Teton mountains, the officials said the coming recovery would have its ups and downs, and it was too soon to withdraw trillions of dollars in government and central bank support.

‘After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good,’ Bernanke said.”

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