Fed's McTeer says new recession unlikely

Dallas Federal Reserve Bank President Robert McTeer said on Thursday the U.S. economy was unlikely to fall back into recession, saying the stage for continued growth is "set reasonably well."

"I think the outlook for 2003 is certainly not for a relapse or a double dip, maybe not for a booming economy but I think the stage is set reasonably well," McTeer told the Arlington Chamber of Commerce in Texas.

"I think the conditions for continued recovery and for the recovery to gather some momentum ar