The FOMC minutes of the March meeting were released. The commentary was mostly downbeat.

The Fed foresees slower growth — probably nothing appreciable until 2010– deteriorating current economic conditions, increasing unemployment throughout the year and some stabilizing of consumer expenditures. It also sees no imminent threat of inflation and opted for increased asset purchases to stimulate the economy and ward off deflation.

Given the prescience that the Fed demonstrated in calling the downturn, there is little reason to put much more faith in this forecast than one might in any other crystal ball gazer.

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