In honor of tomorrow's hoped for hail mary pass from speech by Federal Reserve Chairman Ben Bernanke, I thought it would be a good idea to get a read on what his Fed colleagues are saying about the health of the economy these days [italics mine]:
[Hoenig] told CNBC he sees a 20 percent chance of a recession.
Speaking from the annual Jackson Hole, Wyo., meeting hosted by the Kansas City Fed, Hoenig admitted the 20 percent figure is "a fairly high number."
"I have always said we would have modest growth. It's going to take time...it's not going to be straight up," Hoenig said.
Despite "anemic" U.S. growth so far this year, the risk of a double-dip recession is "quite low", a top Federal Reserve policymaker said on Thursday.
"The risk of a recession is somewhat higher than it was six months ago. That said, I think the risk of a recession is still quite low."
Plosser said he hasn’t significantly cut his forecast for 2012 U.S. economic growth as the impact from “shocks” like the earthquake in Japan subside.
“I’m inclined not to be marking down my 2012 forecast very much,” even though my “short-term forecast has moved around,” Plosser said.
“The most likely outcome for the U.S. economy is still that the economy continues to grow at a moderate pace through the second half of the year."
The risk of a new U.S. recession has risen over the last couple of months, but an outright contraction will most likely be avoided.
Looks like we have nothing to worry about -- right? Feeling better?