FOMC members see US contraction next year

Almost a third of the members of the Federal Open Market Committee (FOMC) see the US economy shrinking in 2009, the rate-setting board's latest economic projections reveal.

The projections, which are revised every quarter, show five of the 17 committee members predicting a contraction. Two expect the economy to shrink by 0.9% to 1% next year, one sees a contraction of 0.8% to 0.7%, and two 0.2% to 0.1%.

The FOMC comprises five Fed governors and the presidents of the 12 regional Feds. The proj

To continue reading...