SF Fed's Yellen: US in recession

The US economy appears to be in recession as every major part of the economy has been hit by the financial shock, said Janet Yellen, the president of the San Francisco Federal Reserve.

Speaking to international financial executives on Tuesday, Yellen said that the US Treasury's plan to re-capitalise the financial sector was a critical step toward financial stability and that this was "the clearest lesson learned from the global financial crises of recent decades."

"It is extremely heartening

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