Fed's Stern: recession could end in mid-2009

In one of the most bullish assessments of the state of the US economy by an official of the Federal Reserve since the start of the crisis, Gary Stern, the long-serving president of the Federal Reserve Bank of Minneapolis, said that the recovery could start in mid-2009.

Stern's assessment, which came in a speech before the Economic Club of Minnesota on Thursday evening, is even more positive than that given in recent weeks by the Fed chairman, who has repeatedly said that if the banking system