FOMC: 'Mild and short contraction' of US econ seen

US - Federal Reserve policymakers expect a "relatively mild and short" U.S. recession, but they're inclined to keep cutting interest rates to banish the prospect of a nastier downturn, minutes of their recent policy meetings suggest.

The minutes, released Thursday, show that members of the Fed's policymaking Federal Open Market Committee were plainly worried about the economy when they met 2 October, three weeks after terrorists destroyed the World Trade Center. A brief recession, they said,

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