San Francisco Fed chief expects recovery next year

US - Following the Federal Reserve's half point interest rate cut last week Robert Parry said in a speech on Wednesday that the Fed thought it was wise to "take out a little insurance" to keep the expansion going.

The president of the Federal Reserve Bank of San Francisco, one of 12 regional banks that help make up the Central Bank, said Wednesday he expects moderate growth in the U.S. economy next year, the Associated Press reported.

Robert T. Parry acknowledged the economy is currently hittin

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