Fed's Rosengren bets on slow recovery

The unusual features of the current recession point to a slow recovery, Eric Rosengren, the president of the Boston Federal Reserve, has said.

Rosengren said that he was "at heart very much an optimist" but identified four features that pointed to a slow recovery.

Rosengren acknowledged that financial markets had thawed, but said it would still take "some time" for conditions to return to normal.

He then pointed to levels of consumer debt, noting that households' balance sheets were under "si